On the back of the revelation that it will definitely not be on the Formula 1 grid next year (click here), Prodrive has issued a statement explaining its reasons.

While it does not name the rival teams that have scuppered its bid – widely believed to be Williams and Force India (formerly Spyker) – the statement does express Prodrive's disappointment over the late legal challenge, whilst re-affirming the outfit's commitment to an entry into F1 sooner or later.

'Prodrive would like to take the opportunity to clarify the position regarding its plans to enter the 2008 FIA Formula One World Championship,' it reads.

'Prodrive has always been committed to competing in Formula One with what has become known as a 'customer car'. It has been well-known that our entry was made on this basis, and that our entire business model was built upon this premise.

'Over the past 18 months we have put considerable effort into securing an agreement for the supply of cars and engines from McLaren and Mercedes, as well as financial backing from a partner new to the sport. It was therefore particularly disappointing to face a last- minute legal challenge to our entry, when our plans have been public knowledge for over a year.

'This legal challenge and continuing delays to the new Concorde Agreement represent a fundamental change in circumstances, therefore we must now realistically rule out the possibility of Prodrive being on the grid in 2008.

'It is, however, still our ambition to compete in Formula One and we are hopeful that a new Concorde Agreement between the FIA, FOA and the teams will provide clarity as to the terms on which this might be possible.

'When this new agreement is reached, we will be in a position to consider the extent to which we can adapt our plans for participation in the future.'