It was rumoured for a couple of days but today Toyota announced their shock withdrawal from Formula 1. It seems that F1 is a luxury Toyota can no longer afford in the global financial situation.

The Toyota boss Akio Toyoda told a press conference in Tokyo:

“This was a difficult but ultimately unavoidable decision. Since last year with the worsening economic climate, we have been struggling with the question of whether to continue in F1.

“We are pulling out of Formula One completely. I offer my deepest apologies to Toyota’s many fans for not being able to achieve the results we had targeted.”

Toyota Motorsport Chairman Tadashi Yamashina was visibly upset by this press conference and was in tears during the announcement.

There may be legal ramifications to follow also as Toyota had previously signed the Concorde Agreement which should have kept them in F1 until at least 2012.

Who replace Toyota on the grid?

It seems that the former BMW team now backed by investment company Qadbak will replace Toyota on the grid, with BMW F1 boss Mario Theissen saying he will discuss the 2010 vacancy with the FIA.

Help Kamui Kobayashi!

A lot of Kamui Kobayashi fans (including myself) are now left worried as to where the rookie will be next season. The Japanese 23 year old endeared himself to F1 fans immediately with his aggressive and fighting style in his two races.

If you are a Kamui Kobayashi fan with a twitter account then join our twitition to keep Kobayashi in the sport at http://twitition.com/zv6yf!