Motorsport team Project1 files for bankruptcy

Project1 Motorsport, the German-based motorsport team and a giant in the single-make Porsche competition has filed for bankruptcy. Founded in 1993, the team had numerous successes in several race series. No longer than 2019, it even joined FIA WEC in a Porsche 911 RSR, with former IMSA regular Patrick Lindsey, ex-Porsche factory driver Joerg Bergmeister, and Egidio Perfetti to share the wheel.

The motorsport team regrets to announce the news, which is even more painful since it would have celebrated its 30th anniversary this year. In their official statement, the Project1 Motorsport team announces “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, has also contributed to this.

Once again, this sad news proves that running a motorsport team is extremely difficult. Even teams that can be seen as perennial favorites have a hard time surviving.

Major successes of the Project1 Motorsport Team

  • World Championship title with Porsche in the WEC debut year 2019 in the LMGTE-Am category
  • Winner in the LMGTE-Am category at the 24 Hours of Le Mans with Porsche in 2019
  • Best Porsche team at the Dubai 24h race in 2011
  • Dozens of victories in the international Porsche Supercup
  • Dozens of victories in the Porsche Carrera Cup Germany
  • Team champion in rookie year with BMW in GT4 Germany 2022
  • Runner-up in the drivers’ standings with BMW in GT4 Germany 2022
  • DTM debut with BMW 2023 and two fourth places

Picture courtesy Porsche AG.