Howett: No chance of Toyota rescue

Date published : 06 Nov 2009 - 11:51:48

Toyota's John Howett says there is little chance of the Japanese firm selling its Formula 1 operation to a new owner. The former team chairman also ruled out emulating Ross Brawn and leading a buy-out of the squad. I think it has already been discussed and rejected, Howett told the Times when asked if the team would be sold. Maybe these ideas can be reopened but, at the moment, it would appear not. Howett had been confident in recent months that Toyota would still be on the grid in 2010, despite rumours to the contrary. As recently as last weekend, he had been openly discussing potential driver signings for next year. But Toyota announced on Wednesday that it would pull out of F1 with immediate effect, blaming the current economic situation in the car industry. Toyota's grand prix operation is less well-suited to a takeover than other manufacturer squads. Whereas BMW, Honda and Renault all bought existing F1 outfits to establish their factory programmes, Toyota created its team from scratch at its own facilities in Cologne in Germany.