Formula One news
FIA warns again: Credit crunch will win
04 November 2009Formula One governing body the FIA has reacted with alarm to Wednesday's news that Toyota is pulling out of the sport with immediate effect. The Paris-based federation, which attempted unsuccessfully to impose a budget cap this season, warns entrants once again that the global credit crunch is a huge threat to Formula One.
With an attempt to impose a major cut on spending this season having been met with much controversy and breakaway threats from the Formula One Teams Association (FOTA), two members of the latter - BMW and Toyota - have since left F1 on financial grounds, with Renault's future now also looking undecidedly shaky.
'The announcements this week by Toyota and Bridgestone of their withdrawal from Formula One are of concern to the FIA,' an official statement reads, with particular focus directed at car manufacturers.
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| Toyota: The latest manufacturer to bow out of F1 |
'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's last comments reflect upon the fact that the Swiss-owned Qadbak team, formerly BMW Sauber, now looks to have secured a place on next year's grid.
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| Renault: Next on the exit list? |
'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.'
Reaction: 'F1 organisers to blame for lost teams' - Ferrari
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