BMW Withdraws from Formula One

This comes as a shocker for many Formula One fans. BMW has announced that it is withdrawing from world’s most viewed motorsports event Formula One racing! … BMW becomes the second team after Honda withdrew its candidature by end of 2008.

Well, BMW says that it is withdrawing from the racing event to restructure its motorsports activities. While the company claims that it wants to dedicate more resources to develop new racing technologies, but critics beg to differ.

BMW has been involved with Formula Once racing since 1980’s. It was an engine supplier to Brabham and helped clinch eight Formula One victories and one world title. Following the 1986 win, BMW exited from the F1 motorsports events till 2000. They again got back as the engine suppliers to Williams team which secured 10 victories over five years. BMW became an official Formula One entrant in 2006 after acquiring the Swiss Sauber team.

However, the current decision is hailed as a Landmark decision by BMW which has had three successful years, previously. BMW has struggled enormously in all events held this year. The team also lost its Credit Suisse sponsorship owning to the global economic meltdown. The company faced a huge credit crunch and BMW was unable to find a suitable replacement sponsorer for its F1 motorsports venture.

The decision has rendered a big blow to the Formula One event organisers. They fear that more teams will pull out form the event in the coming days. The FIA, the sports governing body has rushed into damage control mode. It is considering asking the main five constructer teams to sign an agreement to agree to continue to race till 2012. If this gets through the drive with which Formula One races are held will be diluted significantly.

Further Formula one’s involvement goes beyond mere racing in F1 events. It has been one of the manufacturer to run the Formula BMW junior championship. Leading racer Sebastian Vettel was found in this event. There are many other contributions of BMW towards FI.

The Formula One racing has become poorer by the exit of another car manufacturer.