With the Formula One season about to commence in two months, there is some bad news for Indian fans. Ace driver Karun Chandhok has declared that he will not race in 2012 while Narain Karthikeyan is fighting for a driver's spot in the forthcoming season, according to a PTI report. 

The financial crunch has put the Indians on backfoot. The situation, which was expected to change after the success of Indian Grand Prix, hasn't been good at all for the Indian drivers. Chandhok admitted that he would have to continue as a Test and reserve driver with one of the teams while Karthikeyan, who signed a one-year contract with Hispania, is not yet assured of anything in 2012 as yet.