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Toyota to withdraw from Formula One

Source: guardian.co.uk Sport

Nov 04, 2009

Summary

• Board of directors to finalise decision at a meeting today
• Previous commitment to F1 could raise legal issues

The financial crisis facing Formula One deepened today amid reports that Toyota is to withdraw from the sport in an attempt to cut costs.

Toyota's board of directors will finalise the pullout at an extraordinary meeting later today, according to Japanese media reports.

Its president, Akio Toyoda, and senior managing director Tadashi Yamashina were due to hold a press conference early this evening local time. The Mainichi newspaper said the firm was considering selling the team.

A Toyota spokeswoman declined to comment on the reports.

Toyota's withdrawal would leave F1 without a single Japanese automaker and further damage the sport's prestige as automakers worldwide struggle to cope with the fallout from the financial crisis.

Honda, Japan's second biggest carmaker, shocked F1 when it announced its withdrawal last December, citing the need to cut costs following a sharp decline in sales. Its Super Aguri team was taken over by Brawn GP, which went on to wi

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