The iSport International team will be absent from the GP2 grid for the first time in the series history, after completing a deal to sell its two Dallara GP2/11 cars to a new team called Russian Time.
"I am pleased to welcome Russian Time to the GP2 Series," said the series CEO Bruno Michel on Monday morning. "I am certain that they will be a great addition to our field."
The principal of the new team will be Igor Mazepa, who said this week how happy he was to be heading up the latest team to compete in the feeder series.
"It is one of the most prestigious categories in motorsport," he said. "We're looking forward to this first season and hope to add many more to it!"
Reports that iSport were looking to exit the series after failing to secure sufficient funds to finance competition in the whole of the upcoming 2013 season first surfaced at the end of February.
iSport team principal Paul Jackson had said that there was "no point in committing commercial suicide" by trying to stay in GP2 with insufficient backing, and that his priority was to save the rest of iSport business and turn the squad's focus toward competing in other, less costly championships.
"We did not find drivers to negotiate contracts with that would have enabled us to ensure participation," Jackson had told specialist German motorsports site Motorsport-Total.com
. "My company has no sponsors in the background that can close a shortfall of 500,000 euros."
Michel was appreciative of Jackson's attempts to handle iSport's exit from GP2 in as least disruptive way as was possible in the circumstances.
“I would like to take this opportunity to thank iSport International and Paul Jackson for eight great seasons in GP2 and wish them all the best for the future," said the series CEO.