Former FIA WEC GTE Am title-winning team Project 1 Motorsport has filed for bankruptcy in Germany.

The outfit, which was a giant in single-make Porsche competition during its three decades of competition, first jo ined the FIA WEC in 2018. Its debut campaign was an unforgettable one, the team steering its Porsche 911 RSR to the GTE Am teams and drivers championships with former IMSA regular Patrick Lindsey, Jorg Bergmeister and Egidio Perfetti.

Founded in 1993 as Tolimit Motorsport, the team took 18 major one- make Porsche titles and carried the proud headline as the most successful outfit in one-make Porsche racing into its stint as a GTE team.

Project 1 continued to operate Porsche 911 RSRs in the WEC until the final season of the GTE AM class last year, alongside programs in numerous high-level championships. It completed GT3 campaigns in the DTM with BMW alongside successful GT4 efforts with the Bavarian marque and one-make appearances in the BMW M2 Trophy.

After failing to be selected to represent Porsche in the FIA WEC’s new LMGT3 class for 2024, Project 1 was left looking for other programs in recent months. Most recently it competed with BMW in the Asian Le Mans Series’ hotly contested GT category over the winter.

The team’s statement reads as follows:

“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 after achieving a total of 250 podiums, 12 driver titles, eight team titles and five rookie titles

“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.”