BMW puts the brakes on F1

• Source: Shanghai Daily
• [09:52 July 30 2009]
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Concorde deal

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, which quit for financial reasons. Its team was resurrected as Brawn GP, now leading the championship with Mercedes engines.

BMW decided in mid-2005 that supplying engines to former champions Williams was not enough and bought a majority stake in Swiss-based Sauber, renaming the team BMW-Sauber. It won its first race last season when Poland's Robert Kubica triumphed in Canada, and challenged for both titles. This season it has scored just eight points in 10 races and is eighth overall.

"It only took us three years to establish ourselves as a top team ... unfortunately, we were unable to meet expectations in the current season," said Klaus Draeger, board member for development.

The team's poor showing at the Hungarian Grand Prix was its third race in a row without a point scored.