Asia-Pacific News
Toyota Motor to pull out as host of Formula One race to save cost
Jul 1, 2009, 11:40 GMT
Tokyo - Toyota Motor Corporation's Fuji International Speedway Co has decided not to host the Japanese Formula One Grand Prix race to save on costs, Japanese media reports said Wednesday.
Toyota still plans to run the race at its circuit in central Shizuoka prefecture, but the pullout as a host was necessary to recover the net loss the company expected during the current fiscal year that began in April, Kyodo News Agency quoted sources familiar with the issue.
The leading Japanese automaker expected its annual net loss to widen to up to 550 billion yen in the 2009 business year.
Fuji International Speedway was expected to officially announce the plan by the end of this month.
Fuji International Speedway and Honda Motor Company's Suzuka Circuit in western Mie Pprefecture had agreed to alternately host the annual F1 Japanese Grand Prix. Suzuka Circuit is set to host this year's race in October.
But after Toyota's withdrawal, Suzuka Circuit may sponsor the race every year, the sources said.
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GeezerjockJul 1st, 2009 - 18:12:45
Max and Bernie have destroyed the traditions of F1 and deserve to continue losing the respect of the sporting community.
Good for Toyota. My guess is that Honda may follow suit.
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