Parkalgar Honda have been forced to withdraw from the World Supersport Championship in 2012, bringing down the curtain on one of the best known teams in the series.

With 12 wins, 29 podiums, two runner-up slots (2009 and 2010) to its name, the team managed by AIA circuit boss Paulo Pinheiro has wound up its presence in the category as a result of the difficult economic situation which made it tough for the team to maintain its high Supersport ambitions. Sam Lowes remains with PTR, who ran the team for Pinheiro, but Miguel Praia will have to look elsewhere.

It was a difficult but unavoidable decision to take. Ours was without a shadow of doubt a successful project: our aim was to make Portimao's Autodromo Internacional do Algarve circuit known throughout the world and in this we succeeded," said Pinheiro.

"Nevertheless, without the support of other backers, it was no longer possible to continue with the same conditions and ambitions in 2012. We are grateful to everyone who contributed to the success of the project, as well as the riders who defended our colours over the years: Simone Sanna, Eugene Laverty, Sam Lowes, Josh Hayes and obviously Miguel Praia. A special and sad mention must also go to Craig Jones: we will never forget him, he was an exceptional rider and person."