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Automaker says it needs to cut costs
Published on Thursday, Nov 05, 2009
From Beacon Journal wire services
Toyota is pulling out of Formula One racing.
The world's largest automaker announced Wednesday it needs to cut costs and focus on its core business.
''Based on the current economic environment, we realize we have no choice but to withdraw from Formula One,'' Toyota president Akio Toyoda said at a news conference. ''This has been a very painful decision for the company.''
Toyota follows Honda Motor Co. as the second major Japanese automaker to withdraw from the sport in the last 11 months. Honda pulled out in December amid worsening economic conditions. Brawn GP, which took over the old Honda team, won the 2009 F1 championship.
Toyota officials called the withdrawal from F1 complete, making a return to the sport when and if conditions improve unlikely.
Toyota is seeking to cut costs as it expects to post an operating loss for the six months ending on Sept. 30. It is due to report earnings today.
The company posted its worst-ever loss in the financial year at the end of March.
Formula One's governing body will review the legality of Toyota's pullout from the sport.
FIA says that since the Japanese team's announcement comes only weeks after it committed to the sport through 2012.
More autos: USF1 signs deal
• American Formula One team USF1, which is headquartered in Charlotte, N.C., has signed an agreement to make Spain's Motorland Aragon race complex its European base for the next three years.
• IndyCar officials are expected to announce that clothing maker Izod will become the series' title sponsor next season.
Tennis: Federer in quarterfinals
• Roger Federer reached the quarterfinals of the Swiss Indoors in Basel, Switzerland, by beating Andreas Seppi of Italy 6-3, 6-3. Fourth-seeded Marin Cilic won his first round match, defeating Philipp Petzschner of Germany 6-4, 6-4.
• Marion Bartoli of France defeated Magdalena Rybarikova 6-4, 6-4 in the round-robin stage of the Commonwealth Bank Tournament of Champions in Nusa Dua, Indonesia.
• The building of a new stadium for the French Open has been blocked because of political issues, but the French Tennis Federation said that it was confident it will go ahead as planned.
Hockey: Blue Jackets activate Hejda
• The Columbus Blue Jackets have activated defenseman Jan Hejda and added center Derek MacKenzie to the roster on emergency recall from the club's American Hockey League affiliate in Syracuse.
• The Buffalo Sabres have called up goaltender Jhonas Enroth from the minors to fill in after backup Patrick Lalime hurt his groin.
• Atlanta Thrashers goaltender Kari Lehtonen is expected to miss six to eight weeks after having a second surgery on his back.
• New York Rangers forward Dane Byers was suspended for one game for his role in a fight during the third period of Monday's game in Vancouver. Byers will forfeit $2,590 in salary to the Players' Emergency Assistance Fund. Rangers coach John Tortorella was fined $10,000 because one of his players was deemed the instigator of the altercation. His fine goes to the NHL Foundation.
• The Dallas Stars activated center Mike Modano and right wing Jere Lehtinen from injured reserve.
• A senior staff member for Alberta Health Services has been fired for giving the Calgary Flames swine flu shots while thousands of people waited in line for the vaccine last week.
Other: Greg Norman to miss event
• Greg Norman's slower-than-expected recovery from shoulder surgery will force him to miss next month's Australian Open.
• Five-time Olympic speedskating champion Claudia Pechstein must wait to learn if she has won her appeal against a two-year ban for blood doping. The Court of Arbitration for Sport said a ruling in the case, which was expected this week, will be delayed until later this month.
• San Jose will host the 2012 U.S. Figure Skating Championships, the second time the city has staged the event. Those nationals will be Jan. 22-29.
• Short track speedskater J.R. Celski is confident he'll recover from a deep gash to his leg in time for February's Vancouver Olympics. The 19-year-old Celski crashed during the U.S. championships Sept. 12, his right skate blade slicing into his left leg near the knee.
Correction
• In Cuyahoga Valley Christian Academy's 6-0 Division III regional semifinal soccer win over Bristol on Tuesday night, Aaron Port, one of the Royals' goalkeepers, was misidentified. A sports statistician erred.
From Beacon Journal wire services
Get the full article here.
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