Yesterday Toyota announced that due to financial reasons it will not be able to host the 2010 Japanese Grand Prix, a move which could jeopardize a visit by Formula 1 to Japan next year.
The race was scheduled to be run at Fuji Speedway, which is owned by Toyota but given the current economic climate the $20 to $30 million cost of running the event became prohibitive.
Fuji Speedway president Hiroaki Kato described the decision not to host the 2010 F1 race as both “heartbreaking,” and “extremely difficult.”
Toyota hosted the Japanese Grand Prix in 2007 and 2008, while for decades before Honda played host at its Suzuka Circuit. Suzuka has been chosen for the venue to run the 2009 race, but Honda has not immediately come forward to host the 2010 event.
Despite the cost-cutting measures Toyota has made no move to sell-off or eliminate it’s hugely expensive and widely unsuccessful Formula 1 team.
[Photo credit: F1-site.com]