Kanaan and de Ferran Part Ways

de Ferran Dragon Racing

Kanaan: "Gil and I have decided to go our separate ways."

de Ferran Dragon Racing and Tony Kanaan today announced that they will not be able to participate together in the 2011 IZOD IndyCar Series as originally planned. The relationship which promised so much has fallen at the final hurdle due to budget shortfalls to the extreme frustration of all parties.

"This is a very difficult announcement for us to make," said President and co-owner of de Ferran Dragon Racing, Gil de Ferran. "When Tony and I put the deal together we both knew that it had to make financial sense and we set ourselves certain targets. We believed that together we were a strong proposition both on and off the track and really felt we could have become a major force in the championship in 2011 and beyond. Despite our collective best efforts we have not been able to secure the sponsorship funds to go any further. Regarding the future of our team, at this point we are unclear of our plans; nevertheless it is unlikely that we will participate in the 2011 IZOD IndyCar Series. I want to take this opportunity to thank our staff, sponsors, Tony, friends and supporters for the tremendous efforts in trying to make our program successful."

Tony Kanaan is also deeply disappointed that he will not be racing with this ambitious young team.

"Gil and I have decided to go our separate ways,"Kanaan said. "I wish both him and his team all the best but unfortunately we couldn't find the required funding for the season. For sure it wasn't through lack of effort. For me personally I am determined to race in the IZOD IndyCar Series this year and I am going to continue to do everything in my power to secure the best opportunity for 2011."

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