On 24 June 2010, Autosport magazine said that ART were set to become the 13th team for . However, on 7 July 2010, ART announced in its official statement the withdrawal of its entry bid, declaring that "ART Grand Prix had forged strong bonds with several technical and financial partners but with unfavourable economic conditions they could not gather the necessary guarantees to ensure the stability of the project in the long term." As revealed by one of the Formula One insiders during the Czech TV NOVA live coverage of the 2010 British Grand Prix, one of the crucial partners was Michelin, who did not succeed in their efforts to become an official Formula One tyre supplier from 2011.