Derek Hill sits out Silverstone

LONDON, ENGLAND (July 18, 2003) -- FIA International Formula 3000 driver, American Derek Hill will miss this weekend's British Grand Prix event at Silverstone (England) due to recent difficulties in raising sponsorship.

Hill, along with his Jordan Grand Prix Junior Team (Super Nova Racing) boss David Sears, is feeling the restraints of the unfavorable economy that has plagued many in the racing industry this season.

"Since the beginning of the season, David and I knew that the challenges in finding financial support for this season would be there," Hill said. "We hoped to attract sponsors as the season progressed, but unfortunately we have not been able to raise the funds in which we had originally anticipated."

With three races remaining, Hill is optimistic about finishing out his third Formula 3000 season.

"I am giving my best effort to find funding for the remainder of this year. It's too bad this comes at a time when my results have been improving so greatly."

Recently, the Californian turned in a fifth place finish at Nűrbergring (Germany), the highest finishing position ever for an American in the series, and earned 10th place at Magny-Cours (France).

Hill decision to run in the European series came after having won the 1997 Barber Dodge Championship and competed in the Toyota Atlantic Series.

"Racing in Europe has been an amazing experience and I hope it's not over yet and that I can find a way to finish out this season. I have logged in five busy years racing in Europe and I feel it has sharpened my skills as a driver. I hope I can continue to race at such a great level of competition."

-gsm-