Speculation over the number of potential entries in the newly unified Indycar Series was dealt a blow when Forsythe Racing announced that it would not be taking up a place on the grid.

Despite initially being linked to a two-car entry following the amalgamation of the Indycar and Champ Car series, and then scaled back to a lone car in the build-up to Wednesday's unification press conference at Homestead-Miami Speedway, the team released a statement overnight confirming that it would not be present at all.

"Forsythe Championship Racing is announcing today the cessation of its racing operations," VP of operations Neil Micklewright was quoted by the missive, "After 13 years of competition in CART and the Champ Car World Series, the team has been unable to secure the necessary sponsorship to be able to compete in the Indy Racing League Indycar Series in 2008.

"Forsythe Racing Inc, the parent company of FCR, will participate in the Toyota Grand Prix of Long Beach, the Champ Car finale, with drivers to be announced."

The team had begun the year by revealing that former PKV and RuSPORT owner Dan Pettit had joined forces with Gerry Forsythe, but the withdrawal now casts doubt on the future of both veteran Paul Tracy and rookie Franck Montagny, who had been tipped to form Forsythe/Pettit Racing's line-up should the Champ Car series have gone ahead. Forsythe cars have notably borne branding from the team owner's own companies over the years.

Despite bowing out of the running for a spot in the Indycar Series, Forsythe has committed to running two cars - for James Hinchcliffe and David Garza - in the Atlantic Championship, which itself was guaranteed an extended lease of life by Kevin Kalkhoven during Wednesday's press call.

Hinchcliffe and Garza posted the two fastest times in the recent open test at Sebring International Raceway, and will participate in the forthcoming session at Mazda Raceway Laguna Seca over 10-11 March as well as the twelve-race season.