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F1 farewell for Toyota

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Toyota has announced that it is pulling out of Formula 1 and that its withdrawal from the sport is effective immediately.

The Japanese car manufacturer has issued a statement stating, "When considering TMC's motorsport activities next year and beyond from a comprehensive mid-term viewpoint reflecting the current severe economic realities, TMC decided to withdraw from F1"

The team's exit from the sport comes despite the fact that they have already signed the Concorde Agreement, which commits them to the sport until till end-2012.However their departure might signal good things for the BMW team, as the new owners of the team have been relying on a drop out in order to gain place on the grid next year.

As for the drivers - Jarno Trulli and Timo Glock were unlikely to stay with Toyota in 2010, but Kamui Kobayashi was counting on Toyota for a drive next year. A drive with the three new teams on the grid seems the only plausible option for the three drivers, as the sun sets on another Japanese team.