Kamui Kobayashi has brought a halt to fundraising efforts to get him a race-seat in 2013, conceding defeat.
The Japanese driver began a fundraising campaign last month in an attempt to gain the necessary funds required to get an F1 next season. Over £1.35m had been raised but the former Sauber driver has decided that the mission is not destined for success.
"Thank you for the big support. I am very appreciated that many of you have donated and trying to make donation," Kobayashi wrote to his fans on his official website.
"I must mention this that since the donation started, it has become quite big news in Japan. And because of your big support, it gave huge influences to some of Japanese companies and I started receiving good support from them.
And I was in the position to bring a budget of 8 million Euro at least. If you could imagine the time I had, it was overwhelming reaction and it shows there still is a great potential from Japanese companies.
"Unfortunately, the time was still short and I am not able to secure the seat with competitive F1 team for 2013. I have to admit that it is very sad and feel sorry for fans and Japanese companies who supported me. But I am still confident to make it happen in 2014.
"I would like to stop the donation for now and while I will save all the money for 2014, I start to look what is the best option for 2013 and also 2014. My main priority is to secure the competitive F1 seat in 2014.
"I have no interests to race any other categories.
I will make an announcement as soon as I make a decision for 2013."
The 26-year-old first burst onto the F1 scene in 2009 when he replaced an injured Timo Glock at Toyota for two races.
Having made an immediate impression, Kobayashi joined Sauber for 2010 where he spent three seasons, scoring a total of 126 points for the team. A third place finish at this year's Japanese Grand Prix was Kobayashi lone podium finish.