The Lola Formula One team has announced today that they will not be present at the Brazilian Grand Prix this weekend because of "financial and technical problems".

The team will be flown back to England and if they will be back for the rest of the season is still unsure.

A spokesman said: "The team are returning here because of a few operation problems, both technical and financial. We are just holding the situation at the moment."

The spokesman did indicate that the team would return for the Argentine Grand Prix. If the Forti team was an indication this will not be the case.

Team founder Eric Broadly said last week: "I was disappointed that we did not race in Australia, but not entirely surprised. I have no doubt that we will qualify in Brazil and then begin to work our way up the grid."

If Lola doesn't return anymore it will be a sorry return of a $35 million Dollar team to the sport which was announced with such high hopes.

The Lola Formula One team have confirmed that not only will they miss the Brazilian Grand Prix, but the rest of the remaining races in the championship as well.

Several hours after confirming from their Huntingdon based factory that the team was unable to compete in the Brazilian Grand Prix this weekend, a decision has been made to abandon Lola's attack on the Formula One Championship.

A spokesman said: "It was a timetable situation really. In our case we needed the money up front because that is where the investment is needed. The balance of finance as it stood was not favourable. We tried to get alternative funds arranged, including additional sponsors, but we were late in starting this programme, we were late in getting the cars ready and we have been late in getting on to them."

He added: "I won't say that Lola will not return to grand prix racing in the future because Formula One is the pinnacle of the sport and we have vowed to participate in it."

And it all started so optimistic, Broadley said a the launch of the Lola car: "The company is ready for this, and I would hope by the end of four years we will be ready to win the championship. We are not expecting massive results this year, we have a lot to learn about Formula One."

Both Lola cars failed to qualify in the Season opening Grand Prix in Australia.

The Williams-Renault team is looking for a fresh start in Brazil this weekend.

Heinz-Harald Frentzen said: "I'm now looking for my revenge in Brazil."

Jacques Villeneuve also wants a better result then in Melbourne when he didn't come any further then the first corner: "It was both annoying and frustrating to throw away all our good work in Australia, but I think we showed everybody we have a great car. The speed is there for all to see and all we have to do in Brazil is go one corner more."

Villeneuve added: "I'm really looking forward to getting some points,"

Technical director at Williams Patrick Head said Frentzen may have cause the his retirement himself by excessive use of the brakes, but this area has been worked on.