GT outfit Ram Racing has announced it is withdrawing from the 2014 FIA World Endurance Championship after running into financial difficulties.

The British-based team stepped up to the WEC in 2014 after successful title-winning campaign in the European Le Mans Series with an entry into the LM GTE Pro and Am each, but ran into difficulties early on by withdrawing from the second round in Spa.

Though it returned to compete in the blue riband Le Mans 24 Hours race, Ram Racing will not reappear again in 2014, with a statement from the team revealing a 'drastic cut in spending' as the reason.

"Recent notification of a drastic cut in its expected funding for the second half of 2014 means that the team has been forced to withdraw from the FIA WEC and any further competition with immediate effect. New employment is being sought for the majority of the team's employees who were released two weeks ago.

"Ram Racing extends its heartfelt apologies and grateful thanks to all its drivers, technical partners, loyal employees, the FIA World Endurance Championship and the team's many supporters. It would like to stress that it has worked tirelessly to try and avoid, or at least alleviate, the situation it finds itself in.

"Ram Racing wishes all its competitors in both the LMGTE Pro and Am categories of the FIA WEC a safe and successful season - we are desperately sorry we won't be there battling with you all on track."

Matt Griffin and Alvaro Parente shared the GTE Pro Ferrari 458 Italia, while the Ben Collins, Johnny Mowlem and Mark Patterson shared the GTE Am car.

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