Credit crunch claims Embassy.

Team boss Jonathan France has announced that Embassy Racing has pulled the plug on its two car Le Mans Series entry due to the current global economic situation.

The decision has been taken to close the team with France needing to redirect his finances due to the worsening economic climate and as such, he finds himself no longer in a position to meet the financial commitment needed to keep the team running at the highest level.

Withdrawing support from the racing division while the team is still solvent, France will maintain a skeleton staff to ensure sensible mothballing of the project and settle all outstanding administration and accounting matters.

"As soon as it became apparent to me that the financial situation was becoming difficult, I decided it would be best to put things on hold - settle everything up and concentrate on other business matters," he said.

The Moto division of Embassy Racing competed at Silverstone over the course of the weekend and clinched the British Supersport Championship crown with Glen Richards and talks are ongoing involving team manager Myles Schofield to try and ensure the team is able to continue into 2009 - where a deal is already in place with Triumph.

"Although for the moment, the team's deal with Triumph for 2009 remains in place, the project cannot be seriously considered until the funding shortfall can be found," he said.

"We are hopefully going to be a championship wining team and can justifiably claim to prepare the world's most competitive 675s racing today, hopefully somebody will see that pedigree and potential and jump onboard."