Craig Pollock has been forced to suspend the development of the PURE engines, planned to be ready for the F1 teams to buy for the 2014 season.
According to Autosport, a financial issue has arisen with its investors, and this complicates things to a degree where Pollock sees no option but to stop the development. As of Friday, all work has stopped until the financial situation, which involves a tax issue, comes under control, but Pollock is still hopeful of a solution in the next few days.
“The situation is very simple,” he said. “The investor is US-based, but the bridging finance must come out of the EU as Swiss authorities are insisting upon that because of the tax situation. We expect bridging finance to be in place by the end of the month (July) and it will come from the EU. We have been manufacturing the parts and putting engines together in Cologne, but that has ceased as of today.”
An email from PURE technical director Gilles Simon, has been sent to their suppliers explaining the situation.
“I would like to warn my colleagues working in Cologne that we are obliged to suspend our activities from August 1. In effect, the funds that we were expecting from our investors are not available and that will not allow us to begin this project on the correct footing.
“We hope that this situation will be resolved quickly but I have no idea when that might be possible or when we might be able to get the project up and running again. I apologise for this situation which is out of our control.”
PURE originally planned to have engines ready for next year, but the FIA delayed their plans to introduce the V6 units.