BMW has announced today that they will no longer be participating in the Forumla One circuit after this year. This decision was reportedly made before the Concorde Agreement was signed that would have tied BMW to the circuit until 2012.
BMW’s decision to withdraw was apprantly made due to the increasing finances that the circuit required. However, Autoweek suggests that the BMW team may continue under private ownership but BMW has given no official word to confirm this.
This is a sad day for Formula One and raises the question of which automaker will withdraw from the circuit next.
Tags: BMW, economy, Formula 1, Formula One, Racing, recession, withdrawal