Renault is reported to have staged an emergency meeting in Paris on Wednesday with regards to the future of its Formula One team. Following news of Toyota’s departure from the sport already today, it is believed the French company is considering whether to stay put as a works team, engine supplier or leave completely.

With Renault’s meeting having been reported by the BBC, the news could result in the loss of a fourth car manufacturer from the sport within the space of a year.

2007 Formula One world champion Kimi Raikkonen’s story with the Scuderia Ferrari team, where he secured his one and only championship crown in the pinnacle of Motorsports, ended last Sunday in Abu Dhabi when he concluded his three year tenure with the Maranello based squad,. During the time he spent with the “Reds” Kimi had the possibility of making one of his dreams come true, and now he is looking ahead, waiting for new challenges.

Bernie Ecclestone has braced the Formula One world for an even longer race calendar in the future.
There were 17 grand prix this year, and with the addition of Korea next year and the expected return of Canada, the schedule is set to expand to 19.
But with the likes of India pushing for a 2011 race and France still working on a new venue, F1 chief executive Ecclestone is eyeing an ideal schedule of 20 races.

Contrary to what has been given as a decisive reason by Honda, BMW, and Toyota for justifying their departures from Formula One, Ferrari insists that the real cause is not the economic crisis but rather the constant hammering the sport’s authorities have dealt car manufacturers.
“In reality the steady trickle of desertion is more the result of a war against the big car manufacturers by those who managed the sport, than the effects of the economy that affected Formula 1 over the last years,” a Ferrari statement issued on Wednesday declared.

Ferrari has suggested that the departure of Toyota, BMW and Honda from Formula 1 in the past year is due to the actions of the sport’s bosses rather than the economic downturn.
Toyota announced its decision to pull out of the world championship earlier today, citing the “current severe economic realities” as the reason for its abrupt exit.
But an item published on Ferrari’s official website argued that Toyota and its fellow car makers’ decisions had been prompted by a ‘war on manufacturers’ in F1.

The Formula One Teams’ Association (FOTA) says it is sorry to see Toyota leave Formula 1 but insists the sport is still in a period of strength.
Toyota is the third manufacturer to walk away from the sport in the last 12 months, following Honda and BMW, after announcing its departure on Wednesday morning.
“The Formula One Teams’ Association today expressed sadness at the unexpected decision by Toyota to withdraw,” the statement said. “All the FOTA teams send sincere messages of goodwill to all at Toyota – staff, drivers and sponsors – …

The FIA has described Bridgestone and Toyota’s decisions to exit Formula 1 as a ‘concern’ – and says it wants to clarify Toyota’s legal position as it had previously committed to the sport until 2012.
Toyota, along with all the other current teams, had signed the new Concorde Agreement in the summer, binding the Japanese company to F1 for the next three seasons.

Toyota has confirmed that they are to leave Formula One with immediate effect. With a team based in Cologne, Germany, the Japanese car maker entered the sport at the beginning of 2002, but in eight seasons and 139 starts failed to win a race.
Amid the slump in new car sales, the carmaker has forecast a multi-billion yen loss for the current financial year.

Cosworth has expressed its sadness at news of Toyota’s departure from Formula 1, and said the decision emphasised the need to keep pushing cost cuts forward.
British engine manufacturer Cosworth is returning the sport next year to power the new Lotus, US F1, Campos and Manor teams, plus former champion Williams – the latter having ended its Toyota deal early in order to reunite with former supplier Cosworth.
Toyota announced earlier today that it was to leave F1 with immediate effect due to the worldwide economic situation.

New Williams signing Nico Hulkenberg hopes he can match his vastly experienced 2010 team-mate Rubens Barrichello from the outset when he makes his Formula 1 debut next year.
Hulkenberg is being promoted from reserve duties to a Williams race seat having won this year’s GP2 title, while Barrichello – who has more grands prix under his belt than any other driver in history – moves to the team having challenged for the world championship with current employer Brawn.

Toyota says it regrets its lack of success in Formula 1, and apologised to its fans as it announced its decision to leave the sport today.
When the Japanese car giant joined the world championship in 2002, rivals feared its huge budget and the company’s technical resources would see it swiftly become a title contender.
But it never lived up to expectations, failing to score any wins during its eight seasons in F1. Its best constructors’ championship position was fourth in 2005.