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Sponsorships, Advertising & Marketing
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Toyota Remaining Committed To F1 Despite Economic Struggles
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Toyota Begins Major Cost-Cutting Study,
But Will Not Withdraw From F1 |
Toyota has "declared itself resolutely committed to continuing in [F1] despite what promises to be its first operating loss for 70 years as the depression in the global car industry worsens," according to Henry & McCurry of the Manchester GUARDIAN. Toyota spokesperson Yoshie Matsuura said the company has "absolutely no plans to withdraw" from F1. Matsuura added that Toyota has "embarked on a major cost-cutting study but could not specify what measures were under consideration." Matsuura: "We know that (F1) is very expensive and that cost-cutting is the key to survival." Toyota Racing President John Howett: "I guess everybody, not only motorsport teams, faced with the financial turmoil at the moment, is managing their business correctly, but I don't think we are living hand-to-mouth or from day-to-day" (Manchester GUARDIAN, 12/23). Meanwhile, in London, Edward Gorman reports Howett Monday "threw his weight behind Ferrari's efforts to wrest a greater share of the sport's huge revenue stream" from F1 Management Chair Bernie Ecclestone. Howett said that he "fully backed the efforts" of Ferrari Chair and Formula One Teams Association (FOTA) President Luca di Montezemolo to "obtain more money from Ecclestone." Howett: "I think the majority position in FOTA is that people feel that the revenue for a modern professional sport is normally distributed more in favour of the participants than the property holder or the commercial rights-holder" (LONDON TIMES, 12/23).
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