British squad Strakka Racing has withdrawn its entry into the rebranded Formula V8 3.5 championship on the eve of the season opener but has left an option to return.

The Silverstone-based squad, which also competes in the FIA World Endurance Championship and the Renault Sport R.S.01 series, has suspended its participation in Formula V8 3.5 due to a lack of financial backing from drivers available to join the team.

Strakka Racing team principal Dan Walmsley has thanked organisers RPM for its support but confirms entry into the series is not financially viable at present but is open to making a return if funding is secured.

"We had fantastic support from both the championship organisers and our own partners, everyone doing everything they could to make it work but it is getting harder and harder to find drivers capable of raising the funds necessary," Walmsley said. "Everyone at Strakka is extremely disappointed by this decision and we would especially like to thank Jaime and the team at RPM for their support.

"We really like the championship; it offers great value and proper racing. It's simply a question of economics and a wider problem of young drivers increasingly struggling to fund single-seater racing.

"Strakka still wants to have a single-seater presence and both cars are prepped after a winter rebuild and are ready to go. Should we get the chance to return at some point, we would be ready."

With Strakka's withdrawal the Formula V8 3.5 grid is expected to slim down to 18 entries ahead of its 2016 season-opener at Aragon on the 16-17 April.

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