Budget cap makes Toyota say no to F1

• Source: The Global Times
• [18:04 May 11 2009]
• Comments

By Shi Jierui

Toyota is the first team to announce it won't compete in the 2010 Formula One as there were no changes to the recently-published rules.

The International Automobile Federation (FIA)'s regulations allow for the operation of a two-tier budgetary and technical regulation system in F1 next year.

A £40 million ($60.5 million) cap would mean that those teams that have big budgets would have to compete on a more even playing field with those who focus more on high-technology.

Toyota F1 team president John Howett, who is also vice-president of the F1 Teams Alliance (FOTA), told Reuters, "I think it's very clear that with a double tier championship, you have to go for the 40 million cap because the (capped) cars will be quicker.

"We have social issues with our people," he said. "A 40 million budget means that we would have to make a huge number of people redundant.

"We would love to stay here and we want to compete in the premier level of motorsport. But I think it has to be said that given the current situation as we stand today, it is impossible to submit an entry."

After publishing next year's regulations, the FIA made May 29 the final day for teams to declare their intention to race next year and pay the entry fee.

(Agencies)