Hamburg, July 29 (DPA) BMW is to pull out of Formula One at the end of the 2009 season, chairman Norbert Reithofer confirmed Wednesday at a press conference at the carmaker’s headquarters in Munich.
The reasons for the decision were neither the high costs nor the disappointing results, but a company-internal strategy change. The German carmaker is believed to be quitting only Formula One, and will remain active in other motorsports.
“The board decided yesterday that we would change our involvement in motorsport. The BMW group will end its involvement with Formula One at the end of the 2009 season,” said Reithofer.
“In the background of a sustained restructuring of the entire company, our involvement with Formula One doesn’t coincide with the companies main objectives,” said BMW-Sauber team principal Mario Theissen.
BMW took over the Swiss Sauber racing team in 2005 and debuted in the Formula One a year later. The BMW-Sauber racing team so far has celebrated only one victory, by Polish driver Robert Kubica in Montreal, Canada, in June 2008.
Before launching its own racing team, BMW developed engines for the Williams team.
rounak