After Honda, now BMW set to quit Formula One
July 29th, 2009 - 3:01 pm ICT by IANSLondon, July 29 (IANS) After Japanese car giant Honda, German manufacturer BMW is all set to become the second team to quit the Formula One circuit.
The Daily Telegraph reported Wednesday that BMW will soon announce its withdrawal from Formula One at the end of the current season. BMW’s pull out could also prompt other car manufacturers like Renault and Toyota to take such decisions
World motorsports body FIA has been fearing this situation right from the day Honda quit in December due to the global financial downturn. BMW’s exit will be a big blow for Bernie Ecclestone, the chief executive of Formula One Management.
Norbert Reithofer, the chairman of the BMW board, and Klaus Draeger, the director for development, and BMW motorsport director Mario Theissen are expected to make the announcement any time at its headquarters in Munich.
The Formula One management thought that all five remaining manufacturers would pledge themselves to the sport until 2012 by signing a new Concorde Agreement with CVC Capital Partners, the commercial rights holder, and the FIA, the sport’s governing body.
The latest draft of the document was being assessed by their World Motor Sport Council and “should be ready for signature” by the end of this week, subject to confirmation that a satisfactory inter-team cost-reduction agreement is in place.
BMW is going through a frustrating season on the track. Last year, Polish driver Robert Kubica led the championship at the halfway stage before the team dropped away in the latter stages. This year, Kubica has just two points to his name after 10 races, with German team mate Nick Heidfeld not much better off with six points.
Kubica might try out his luck as a rally driver and can also get a chance to impress Ferrari as a replacement for injured driver Felipe Massa.
- BMW to pull out of F1 at season's end (Roundup, changing dateline) - Jul 29, 2009
- FIA blames economic crisis for BMW's F1 pull-out - Jul 29, 2009
- BMW to pull out of F1 at end of season (Lead) - Jul 29, 2009
- Economic crisis sees F1 teams rally together - Mar 10, 2009
- BMW agrees to sell F1 team to Sauber - Nov 27, 2009
- Heidfeld stays upbeat on F1 future - Aug 19, 2009
- 'Baby Schumi' keeps alive German legacy in Formula One - Oct 30, 2011
- German teams pledge to stay in Formula One - Dec 06, 2008
- FIA GT1 World Championship: Budh International to host 2012 season final - Feb 13, 2012
- Rise of Brawn GP and Button fails to paper over F1 cracks - Dec 12, 2009
- India major market for motor sports: GT1 boss - Mar 02, 2012
- Renault to scale down to minority shareholder in F1 team - Dec 11, 2009
- Rosberg tops qualifying at Bahrain F1 GP - Apr 24, 2009
- Ecclestone rules out any chance of successful Murdoch F1 bid - Apr 30, 2011
- Renault F1 team name three drivers to replace injured Kubica - Feb 09, 2011
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