BMW Quits Formula One Following Honda's Footsteps

BMW has stunned the Formula One world by announcing their plans to withdraw from the battered motor sport at the end of this season. Just as peace is about to be resumed with the signing of the Concorde Agreement, which would have contracted BMW to F1 at least until 2012. Max Mosley previously predicted that at least one more F1 team would follow Honda out of F1's doors. But instead of either Renault or Toyota which he predicted, BMW Sauber seems poised to fulfil his prediction.

Regarding the matter of ownership, BMW could give Peter Sauber, founder of the BMW Sauber F1 Team, the 80 percent of the team he does not own. Not unlike how Honda left everything to Ross Brawn and his management. But the retired Sauber may find the stress of finding sponsors and racing too tiresome for his present lifestyle.

Dr. Norbert Reithofer, chairman of the board of management of BMW AG, confirmed that the decision to quit is due to cost-cutting and sustainability, saying “Of course, this was a difficult decision for us. But it's a resolute step in view of our company's strategic realignment. Premium will increasingly be defined in terms of sustainability and environmental compatibility. This is an area in which we want to remain in the lead. In line with our Strategy Number One, we are continually reviewing all projects and initiatives to check them for future viability and sustainability. Our Formula One campaign is thus less a key promoter for us.”

These are obviously tough times for automakers and racing teams all around the world. Let's hope the economy recovers soon, lest more teams quit.