tl;dr: A team last year were doing well and to get your prize money for that year you have to participate in the year after.
They ran out of money and they needed this years prize money, went into administration, got bought out *but* don't have a car ready for next year.
A semi-poor team boss voted against that team participating with last years car, solely because a greater portion of the prize money will be given to him if they don't participate. So now, they can't participate since no car and no development time left before the season starts.