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It is widely reported that the Toyota F1 team will be withdrawing from Formula 1 and will not participate in the 2010 F1 season.

An official announcement is expected to be made shortly

Related:
Toyota to announce F1 exit on Wednesday
Toyota quit announcement to be made shortly

Sad to see them go, but it's been rumored all season long, so it's not surprising.

Toyota confirmed that they are withdrawing from Formula 1. Toyota President Akio Toyoda said "Based on the current economic environment, we realise we have no choice but to withdraw".

It is expected that the Toyota Motorsport team will be reduced in size and aims to participate in other forms of Motorsport.

Related:
Toyota confirms F1 quit decision
Toyota may shed 550 F1 staff - rumour

FOTA released a statement following Toyota's announcement that read:

Disappointment at Toyota withdrawal, but FOTA expects a better 2010 for F1.

The Formula One Teams Association today expressed sadness at the unexpected decision by Toyota to withdraw from Formula One and be absent from the 2010 World Championship.

Toyota has made a significant contribution to the success of Formula One for the past eight seasons, having recorded a number of podium finishes and other points-scoring results in that time.

Regrettably, notwithstanding Toyota’s commitment to compete until 2012 deriving from the signature of the Concorde Agreement, the particular financial pressures within the car manufacturing industry - together with a period of uncertainty and unnecessary confrontation in F1 that is now finally over - created conditions which have made it difficult for Toyota to stay in the sport at this time.

We hope very much that Toyota will return to the world’s most technologically-advanced racing competition in the not too distant future, but in the meantime every effort must be made by the sport’s management to ensure that the 2010 season is as successful as we all hope.

These efforts should include ensuring that the 2010 grid remains fully subscribed - and we should remember that there are still more teams entered than in any year since 1995 - that our sport remains a focus for technological innovation and competitive racing. The departure of an important car manufacturer cannot be underestimated and its reasons need to be addressed.

All the FOTA Teams send sincere messages of goodwill to all at Toyota – staff, drivers and sponsors – and thank them for the positive contribution they have made to Formula One in recent years.

FOTA also wishes to put on record its thanks to John Howett for his great passion and his fundamental contribution, in his role as Vice Chairman of FOTA, in helping negotiate the new Concorde Agreement, securing longer term stability in F1’s rules and a more constructive, collaborative environment with all stakeholders.

The FIA released the following statement requiring clarifications from Toyota on its legal position and hints to the possibility of returning to the original cost cutting proposals for Formula 1.

Toyota And Bridgestone

The announcements this week by Toyota and Bridgestone of their withdrawal from Formula One are of concern to the FIA.

Bridgestone has given almost 18 months’ notice of its intentions, thereby allowing the necessary arrangements to be made for the future supply of tyres to the championship.

Toyota’s decision, however, comes just weeks after its F1 team signed the new Concorde Agreement until 2012.

Urgent clarification is now being sought from the Toyota F1 team as to its legal position in relation to the championship. This will have a direct bearing on the admission of any future 13th entry.

The FIA has repeatedly warned that motor sport cannot outpace the world economic crisis. That is why the competing teams have been asked to cut costs and the entry of independent teams has been encouraged.

The FIA accepted the cost-reduction measures put forward by the teams on the basis that they would ensure a long-term commitment to the championship. Toyota’s announcement demonstrates the importance of the original cost-reduction measures set out by the FIA.

The FIA will now work to ensure that Toyota’s departure is managed in the best interests of the championship and will continue to encourage the F1 teams to undertake the necessary cost-cutting measures for the good of the sport.

Score another one for Bernie's Greed. From the beginning he has seen F1 as his personal 'cash cow.' I'm sure we will hear from him soon, suggesting that F1 follow the example of Tony George's 'Hindy-anapolis Racing League' and adopt a 'single' engine and chassis 'provider' to make the racing more exciting. Maybe Ferrari and McLaren could flip a coin to see who supplies engines, who chassis?

But, seriously, folks, can we be surprised? FOM has already said F1 didn't need Silverstone, or Spa, suggesting that the only 'race' really important in Europe was the glittering parade at Monaco every year, the cars making a nice 'backdrop' to Bernie's friends' yachts.

Bernie has squeezed China, as we have seen, and next on the schedule is Korea (somewhere soon a Korean 'hopeful' will be 'discovered.').

The only 'viable' new teams are Red Bull and Force India --both of which depend entirely on the whims of very wealthy men.

I'm sorry Toyota has decided to withdraw even though I've said from the beginning that neither they nor BMW came into F1 with the correct plan --one that involved finding and paying Racing car designers, managers, and drivers AND KEEPING CORPORATE TYPES AS FAR FROM THE TEAM AS POSSIBLE.

Honda had just begun to figure how to manage such a thing when their own board of directors wrecked their chances.

But Boards of Directors, not Racers, have been Bernie Ecclestone's bread and butter from day one. So it is only poetic justice that he should end up killing his own golden goose.

Couldn't FIA create a motorsporting set of regulations and open them to racing interests in the world? Couldn't they simply let F1 die of its own dead weight and, at the same time, work to encourage international competition in another formula? Call it the Outlaw GP series?

a sad day, soon to be followed by Renault's 'decision'. At least, they, Renault, are smart enough to put off their action till the latest possible date and thereby deliver to Mr. E. the strongest possible 'hit.'

Jean Todt looks like he's taken over as Supreme Commander of the Army of the Third Reich just days before June 6.

Jim Watt