03/11/2009
NEWS STORY
The Japanese media is claiming that Toyota is to announce its withdrawal from F1 within the next 24 hours, as the country turns its back on the sport.
Despite numerous denials from the Cologne-based team, the Mainichi Daily newspaper claims that the Japanese manufacturer has already decided to withdraw from F1, following Honda and (tyre manufacturer) Bridgestone.
Toyota president Akio Toyoda is due to begin a four-day meeting of the board tomorrow (Wednesday) however, it is understood that a decision regarding the company's involvement in F1 has already been made. It is understood an official statement will be made at 17:00 (local time) 08:00 (GMT).
According to some sources, as opposed to a total withdrawal, in an effort to safeguard jobs, a number of proposals are being looked at including the possibility of a management led buy-out.