NEWS // TOYOTA TO LEAVE FORMULA ONE

In a surprise move today, Toyota announced that it's Formula One team would be quitting the sport with immediate effect. After seven years in F1 with only modest success it is now the third manufacturer to leave the sport within the last twelve months.

Citing the current economic downturn as the reason for it's withdrawal Toyota's president Akio Toyoda revealed that they had no choice over the decision... [read more]

Back In May this year the company revealed its worst ever set of results for the last financial year - a 436.9bn yen (£2.9bn) loss in the year to 31 March, 2009 and is expecting further losses when it reveals its results to September 2009 on Thursday.

The decision means Formula 1 is currently left with just three manufacturer teams heading into 2010, Ferrari, McLaren-Mercedes and Renault. With rumours surrounding Renault's participation long term, it seems the sport really is facing it's biggest crisis for some years.

Toyota's withdrawal will open the door for BMW Sauber to remain on the grid for 2010, the Hinwil-based team, under new owner Qadbak, having been forced to wait for a grid slot to become available after efforts to get agreement to expand the field to 14 teams failed.

Photo: Toyota F1
Editorial: Neil Tozer