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Nine-time World Rally champion Sebastien Loeb's team is set to withdraw its entry for this year's Le Mans 24 Hours.

Sebastien Loeb Racing was due to contest the 24 Hours for the first time this season with an ORECA-Nissan 03 LMP2 alongside an assault on the European Le Mans Series with the same car.

It is understood that the team has been unable to raise the necessary finance for the programme.

Loeb's squad will instead concentrate on twin campaigns in the FIA GT Series and French GT Championship with a pair of McLaren MP4-12C GT3s and its attack on the French Porsche Carrera Cup.

No comment was available from the team.

A withdrawal by Loeb would move the Swiss Race Performance squad up from the reserve entry list for Le Mans and also leave former Peugeot factory man Franck Montagny out of a drive.

Loeb started his team ahead of last season, running in both the ELMS and the Carrera Cup. It also took part in the Le Mans test day with the ORECA as a precursor to its proposed assault on the 24 Hours this year.

The rally legend will be racing full-time for his team this year in the GT Series, which has replaced the GT1 World Championship.