Posted on July 7, 2009

The belt tightening in F1 continues. Today Toyota confirmed that it is withdrawing from a deal to host the Japanese Grand Prix at Fuji Speedway, as it deals with mounting losses. Earlier this year the company said that it expected to lose over $1 billion in 2009. The race will now be held at Suzuka, which, ironically is owned by Honda, who withdrew from F1 last year. The actual cost of hosting the race is relatively modest compared to the running costs of the F1 team. The event sanctioning fee will be in the $20 million per season range, around More…

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