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Toyota the latest to join Formula One exodus
Formula One has been rockedby yet another withdrawal after Toyota announced that it is quittingthe sport with immediate effect.
The announcement was made at a media conference in Tokyo by Toyota Motor Corporation President Akio Toyoda.
The world's largest car maker is now the third majormanufacturer to withdraw from F1 in the space of 11 months after Hondaand BMW.
A statement read: "Toyota Motor Corporation (TMC) announces itplans to withdraw from the FIA Formula One World Championship at theend of the 2009 season.
"TMC, which had viewed its participation in F1 as contributingto the prosperity of automotive culture, remained dedicated tocompeting at the pinnacle of motor sports, even in the face of theabrupt economic changes that started last year.
"However, when considering TMC's motor-sports activities nextyear and beyond from a comprehensive mid-term viewpoint reflecting thecurrent severe economic realities, TMC decided to withdraw from F1."
Speculation surrounding Toyota's future was rife throughout theyear, in particular after the parent company announced the worstfinancial losses in its history in March.
Further significant losses are expected to be revealed onThursday, and this has forced Toyoda, grandson of the company'sfounder, and his board of directors to act.
In July, and due to the global financial crisis, Toyota-ownedFuji International Speedway confirmed they would not host the JapaneseGrand Prix next year.
However, Toyota signed a new Concorde Agreement with motorsport's governing body, the FIA, over the summer, tying them to FormulaOne through to 2012. It appeared at that stage any doubts as to theirfuture had been erased.
Toyota's departure does at least open the door for Sauber to take up the now vacant 13th position on the grid.
After BMW confirmed their own withdrawal from the sport at theend of July, with their final race the inaugural Abu Dhabi Grand Prixon Sunday, it left Sauber fighting for survival.
They were eventually taken over by Qadbak Investments Ltd in mid-September, just hours after Lotus were awarded the 13th slot.
The FIA agreed to the possibility of 14 teams competing in F1next season on the proviso of there being unanimous agreement from allthe other marques, which was not forthcoming.
It left Sauber playing an anxious waiting game these past few weeks, one that is finally over in the wake of Toyota's exit.
Following a strong start to the season, Toyota went on to finish fifth in this year's constructors' championship.
However, since their arrival in F1 in 2002 they failed to win agrand prix in 140 attempts, with the team's best result theback-to-back second places by Jarno Trulli in Malaysia and Bahrain in2005.
It leaves drivers Trulli, Timo Glock and Kamui Kobayashi inlimbo, although it was expected neither the veteran Italian nor theGerman would be re-signed.
Toyota's decision is particularly hard on Kobayashi who haddriven superbly in the final two races in the absence of the injuredGlock.
That led to Toyota Motorsport boss John Howett confirming in AbuDhabi on Sunday the Japanese was "70 to 80% certain" of being given acontract for next year.
Just three manufacturers now remain in F1 - Ferrari,Mercedes-Benz and Renault - with the focus likely to switch to thelatter in light of their previously precarious circumstances.
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Post time 4-11-2009 11:05 AM
