Toyota's Fuji Drops Hosting the Grand Prix

And another sign of these tough economic times. Toyota's Fuji Speedway has given up hosting Formula One races starting in 2010.

Toyota Motor's subsidiary, Fuji International Speedway, has given up the hosting rights for the Japanese Grand Prix in 2010 and beyond. The global economic downturn has forced the company to tighten their budget.

[Hiroaki Kato, President, Fuji International Speedway]:
"We have decided to give up hosting Formula One races that had been scheduled to take place at our circuit every other year beyond 2010.”

Fuji had been scheduled to host the Formula One race in 2010, alternating each year with Honda Motor's Suzuki Circuit which will stage this year's Grand Prix in October.

[Hiroaki Kato, President, Fuji International Speedway]:
"The global economic crisis since October last year has taken its toll on us and put us in a very tough financial situation."

Fuji staged Japan's first Formula One race in 1976 but was removed from hosting the event due to a crash involving Gilles Villeneuve which killed two spectators. Suzuki then hosted the Japanese Grand Prix from 1987 to 2006 before a revamped Fuji Speedway returned in 2007 following an absence of 30 years.