Toyota's Fuji to stop hosting F1 Japan Grand Prix races from 2010

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TOKYO, July 7 Kyodo -
Toyota Motor Corp.'s Fuji International Speedway Co. said Tuesday it will stop
hosting Formula One Japanese Grand Prix races at its circuit in Shizuoka
Prefecture from 2010, citing sour business conditions.
The world's largest automaker, which is anticipating a staggering operating
loss of 850 billion yen for the current business year, aims to cut costs by
making its subsidiary give up hosting the auto race.
Fuji International Speedway President Hiroaki Kato said sharply deteriorating
business conditions and a drop in spectators triggered by the global economic
downturn made it difficult for the company to continue hosting the costly,
large-scale international event.
''We really wanted to continue hosting the race,'' Kato said at a press
conference in Tokyo, calling the withdrawal decision ''heartbreaking.''
Kato left open the possibility of the circuit's return to the F1 Japanese Grand
Prix, but said a full recovery of economic conditions is likely to take at
least three years.
''Of course, if the environment improves and the right moment arrives, we would
again raise our hand, but I don't think it will be that easy,'' Kato said. ''I
even fear that Japan's motor sports may not be able to continue.''
The move by the Toyota-owned unit comes after Honda Motor Co. pulled its team
from F1 races in December. Suzuki Motor Corp. and Fuji Heavy Industries Ltd.,
the maker of the Subaru brand, have also withdrawn from the FIA World Rally
Championship in the face of an unprecedented slump in the global auto industry.
Fuji International Speedway, based in Shizuoka Prefecture, and Honda's Suzuka
Circuit in Mie Prefecture had agreed to alternately host the annual F1 Japanese
Grand Prix, starting this year.
Toyota acquired the company in 2000 and invested around 20 billion yen before
Fuji International Speedway sponsored the 2007 race for the first time in 30
years and hosted the 2008 race as well.
Suzuka Circuit, which sponsored the annual race for 20 straight years through
2006, is scheduled to host this year's race in October.
While speculation is rife that Suzuka Circuit may host the event every year
following the exit of its rival, a Suzuka Circuit official declined to comment
on the matter.
Fuji International Speedway's Kato said the decision to pull out of the race
was an ''independent'' decision approved by Toyota. But a Toyota executive said
earlier the benefits of hosting the event had been low compared to the high
expenses required for the race.
The company will continue to hold other Japanese racing events like the Formula
Nippon and Super GT series.
==Kyodo
2009-07-07 23:00:40