Following the arrest of team owner Giovanni Cuzari, Forward Racing will miss the next MotoGP at Indiana on August.
Earlier this month, Cuzari was arrested in Switzerland over alleged corruption, money laundering and tax evasion cases which eventually led to the team's funds being cut off.
In Forward's official statement, they said that efforts were made in order to resume usual operations, but sponsors withheld payments and the situation cannot be solved ahead of the Red Bull Indianapolis GP.
"Unfortunately, the reaction of the sponsors, the main source of income of an independent team, was immediate and resolute," Forward said in the statement.
"Inevitably some of them cancelled the existing contracts and interrupted payments, creating further financial troubles that could jeopardise completely the survival of the team.
"The activity of these last days was therefore focused on rebuilding sponsor relationships.
"The team was able to reach a consensus to regain some vital economic aid to cover the costs of the upcoming races.
"New processes of collection and payment were activated, the economic admin was rebuilt and new operational modalities were agreed with the Public Prosecutor of Lugano."
Forward will skip the Indy event, but will gather all resources to be able to go back to racing in Brno a week after the Indianapolis event.
Both Forward's MotoGP and Moto2 teams will be affected by the decision.
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