Having missed out on one of the three slots on the 2010 F1 grid after the FIA revealed the 13 teams that will make up the grid next season, Lola has confirmed that it has withdraw its application with the governing body.

The Huntingdon company had been hotly tipped to earn a slot on the grid for the 2010 campaign but, along with fellow favourites Prodrive, was left disappointed when the FIA revealed that Campos, USF1 and Manor had secured the sought-after positions on the grid.

Work had already started on the design of Lola's 2010 challenger but the company has now elected to withdraw its application despite the fact that the FIA has stated newcomers could still secure a slot on the grid if one of the current teams fail to sign up unconditionally.

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"Lola F1 Team Ltd has today advised the FIA of the decision to withdraw its application to enter the 2010 FIA Formula One World Championship," a statement read. "Significant financial investment has been made in producing its 2010 contender and the FIA had requested that the Lola F1 Team remain in a state of readiness for a possible future entry.

"Lola F1 Team has thanked the FIA for giving its application to enter the 2010 FIA Formula One World Championship serious consideration.

"No further comment will be made."