Project 1 Motorsport files for bankruptcy after WEC exit

Project 1 Motorsport files for bankruptcy after WEC exit

Project 1 Motorsport, a thirty-year Porsche racing veteran and former FIA WEC GTE AM Championship winner, has stated that it has filed for bankruptcy in Germany.

The Project 1 Motorsport team won the GTE Am teams and drivers championships in their debut season after joining the FIA WEC in 2018.

Originally known as Tolimit Motorsport, the team was established in 1993 and went on to win 18 major one-make Porsche championships. As the most successful team in one-make Porsche racing, they proudly carried this reputation into the GTE era.

Project 1 kept running Porsche 911 RSRs in the WEC up until the last season of the category last year. They also added GT3 campaigns in the DTM with BMW, along with successful GT4 campaigns with the Bavarian brand and one-make programmes in the BMW M2 Trophy.

Project 1 was left searching for other programs after Porsche failed to nominate them for the FIA WEC in LMGT3. They competed honorably in the Asian Le Mans Series until two weeks ago, finishing a total of three times in the top ten.

A statement from Project 1 read: “After numerous discussions with investors, manufacturers, partners and friends, we were unable to achieve a positive result for the continuation of our companies Project 1 Motorsport and Project 1 Drivetime.

“The generally difficult economic situation, which also affects motorsport, also contributed to this. For these reasons, we unfortunately have to file for bankruptcy for both Project 1 GmbHs. It pains us even more to have to do this in our 30th anniversary year.

“We look back with pride on the following highlights:

World championship title with Porsche in the WEC debut year 2019 in the LMGTE-Am category
Winner in the LMGTE-Am category at the 24h of Le Mans with Porsche 2019
Best Porsche team at the Dubai 24h Race 2011
Dozens of victories in the international Porsche Supercup
Dozens of victories in the Porsche Carrera Cup Germany
Team champion in the rookie year with BMW in GT4 Germany 2022
Runner-up in the drivers’ championship with BMW in GT4 Germany 2022
DTM debut with BMW in 2023 and two fourth places
A total of 250 podiums, 12 driver titles, 8 team titles and 5 rookie titles

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“These successes would not have been possible without our employees, partners and friends. We would like to thank everyone involved and our fans from the bottom of our hearts.

“The expertise of our employees will continue to be part of motorsport in 2024.”

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