F1 is in crisis and we mean it! Honda left F1 last year and BMW badge will no longer be seen in F1 and now Toyota have pulled out of F1 with immediate effect. The position at Renault is also quite bleak. Bridgestone have not extended their contract which presently exists till the end of 2010. With three major brands out of the sport in the future, F1 is still not in crisis as three new teams are making their entry next year but does it hold good for the sport’s future?
Toyota announced their withdrawal at a news conference this morning after the decision was taken at a board meeting. Toyota follows Honda and BMW to make it three teams that quit the sport in a span of just one year. Toyota attributes its withdrawal to the current economic condition and would reallocate its resources towards development of exciting road cars.
“Toyota Motor Corporation (TMC) announces it plans to withdraw from the FIA Formula 1 world championship at the end of the 2009 season,” said a Toyota statement.
There is one more reason too – Toyota say that the company was just one of the many in the world when it entered F1 but has now risen to become the world leader. So its primary reason has been achieved and so they would concentrate now to maintain the numero-uno. No information has been released on what would happen to the team and its facilities although Toyota is reportedly looking at a buyer.
On the lines of Renault, that has already seen a big fall in its reputation is evaluating options to quit F1. Board meetings are being held to discuss the situation. While Renault seems in a better position than Toyota financially, it might just leave F1 sooner than later. However, it could live on till 2012 as the team has signed the Concorde agreement with a reduced budget. If Toyota’s decision is anything to go by, then Renault could pull out of the sport with immediate effect.
Renault’s reputation was tarnished earlier in the year after it admitted fixing the result of 2008’s Singapore grand prix. Driver Nelson Piquet agreed with engineer Pat Symonds and team principal Flavio Briatore that he would deliberately crash, and the resulting circumstances allowed his team mate Fernando Alonso to take victory.
Following the incident, it lost title sponsor ING although watch maker TW steel has confirmed support next year. The firm has also signed Robert Kubica as its lead driver for next year to replace Fernando Alonso, who is moving to Ferrari. The position is still unclear and the decision would be out very soon.
With the two Japanese giants Honda and Toyota already out of the sport, Bridgestone will exit the sport at then end of the 2010 season after failing to renew its contract.
The crucial decisionw as taken on Monday morning. Bridgestone Motorsport director Hiroshi Yasukawa said in a statement: “The decision made by the board of directors comes after considerable and lengthy evaluations and has been based on the company’s need to redirect its resources towards further intensive development of innovative technologies.”
After Michelin’s exit at the end of 2006, Bridgestone has been the sole tyre distributor to all the teams to date winning 156 of the 223 grand prix it entered. “Our sincere appreciation is extended to Bernie Ecclestone and Formula One Management, the Formula 1 teams with whom it has been an honour to work alongside and the many F1 fans who have followed our activities over the past 13 years,” added Yasukawa.
Bridgestone will continue in its role as partner and tyre supplier to the GP2 Series and GP2 Asia Series, and will also continue as the sole supplier in MotoGP until at least 2011.
Source : Autocar and Autosport
