LOLA has announced it has withdrawn its application to enter Formula One. The team last week missed out on a place on the FIA entry list for 2010, but hope was still alive that Lola could still be selected if other constructors withdrew. Several established F1 teams have been in negotiations with the FIA over the proposed budget cap for next year, with a deadline of June 19 set for their entry. Regardless of the outcome of those negotiations, Lola will not compete in Formula One next season. A statement from Lola said: "Lola F1 Team Ltd has today advised the FIA of the decision to withdraw its application to enter the 2010 FIA Formula One World Championship. "Significant financial investment has been made in producing [the team's] 2010 contender and the FIA had requested that the Lola F1 Team remain in a state of readiness for a possible future entry. "Lola F1 Team has thanked the FIA for giving its application to enter the 2010 FIA Formula One World Championship serious consideration." The Huntingdon-based constructors last weekend achieved their best results for 32 years at the Le Mans 24hrs, where they finished fourth in the LMP1 class, and took to the podium in the LMP2 class.