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Formula One's governing body expressed regret but no surprise at BMW's startling exit from the sport Wednesday and hoped cost-cutting measures would prevent more departures.
The Formula One Teams Association (FOTA), which groups the four other manufacturers in the sport, said they were prepared to help their former rivals survive under new ownership.
Toyota, whose future has been the source of much speculation after Honda pulled out in December, said they remained committed.
"It has been clear for some time that motorsport cannot ignore the world economic crisis," the International Automobile Federation (FIA) said in a statement after BMW announced they would pull out at the end of 2009 as a team and engine supplier.
"Car manufacturers cannot be expected to continue to pour large sums of money into Formula One when their survival depends on redundancies, plant closures and the support of the taxpayer," it added.
COMPROMISE, HARMONY
The FIA said BMW's departure might have been avoided had some teams not put up resistance to regulations aimed at dramatic cutting costs.
"Nevertheless, as a result of a sustained cost-cutting campaign by the FIA, new measures are in the process of being agreed which should make it easier for new teams to enter and enable existing ones to participate on much reduced budgets," said the governing body.
"It is no secret that these measures do not go as far as the FIA would have liked but a compromise was needed in the interests of harmony in the sport.
"Hopefully it will be enough to prevent further withdrawals and provide a solid foundation for Formula One."
BMW's exit came just as the teams, FIA and the commercial rights holders were preparing to sign a new 'Concorde' agreement binding them to the sport until at least the end of 2012.
The carmaker's decision followed Honda, who quit for financial reasons. Their team was resurrected as Brawn GP, now leading the championship with Mercedes engines.
Ferrari-led FOTA, who had threatened a breakaway series in a standoff over the 2010 regulations, said they would do what they could to help BMW's team live on.
"FOTA teams have immediately consulted each other and are ready to assure all
the necessary support to the Swiss-based team, whose membership in the association is confirmed, to continue its involvement (in Formula 1)," said FOTA secretary-general Simone Perillo.
A spokesman from Toyota Motor Corporation said their situation remained unchanged: "Through cost reduction we will continue our Formula One activities."
The Formula One Teams Association (FOTA), which groups the four other manufacturers in the sport, said they were prepared to help their former rivals survive under new ownership.
Toyota, whose future has been the source of much speculation after Honda pulled out in December, said they remained committed.
"It has been clear for some time that motorsport cannot ignore the world economic crisis," the International Automobile Federation (FIA) said in a statement after BMW announced they would pull out at the end of 2009 as a team and engine supplier.
"Car manufacturers cannot be expected to continue to pour large sums of money into Formula One when their survival depends on redundancies, plant closures and the support of the taxpayer," it added.
COMPROMISE, HARMONY
The FIA said BMW's departure might have been avoided had some teams not put up resistance to regulations aimed at dramatic cutting costs.
"Nevertheless, as a result of a sustained cost-cutting campaign by the FIA, new measures are in the process of being agreed which should make it easier for new teams to enter and enable existing ones to participate on much reduced budgets," said the governing body.
"It is no secret that these measures do not go as far as the FIA would have liked but a compromise was needed in the interests of harmony in the sport.
"Hopefully it will be enough to prevent further withdrawals and provide a solid foundation for Formula One."
BMW's exit came just as the teams, FIA and the commercial rights holders were preparing to sign a new 'Concorde' agreement binding them to the sport until at least the end of 2012.
The carmaker's decision followed Honda, who quit for financial reasons. Their team was resurrected as Brawn GP, now leading the championship with Mercedes engines.
Ferrari-led FOTA, who had threatened a breakaway series in a standoff over the 2010 regulations, said they would do what they could to help BMW's team live on.
"FOTA teams have immediately consulted each other and are ready to assure all
the necessary support to the Swiss-based team, whose membership in the association is confirmed, to continue its involvement (in Formula 1)," said FOTA secretary-general Simone Perillo.
A spokesman from Toyota Motor Corporation said their situation remained unchanged: "Through cost reduction we will continue our Formula One activities."
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