Dec 14, 2005, 15:19 GMT
Clermont Ferrand, France - French tyre manufacturer Michelin will pull out Formula One racing at the end of the 2006 season, the company announced Wednesday.
Michelin said in a press statement that it had reached the decision because the developments in Formula One no longer correlated with the firm's philosophy.
The company had been pushing for competition among at least two tyre manufacturers for all competing cars, but said that Formula One rules would be amended 'to impose a single tyre supplier'.
'The freedom left to teams to choose their tyres is fundamental,' Michelin said. 'Therefore, a competition between at least two manufacturers is indispensable.'
Michelin had been competing with Japanese tyre maker Bridgestone, and had supplied tyres for a number of teams, including McLaren-Mercedes, BMW-Sauber and Renault, which won the team and driver's championships in 2005.
Michelin said it had reached the decision to quit the Formula One circuit after consulting with 'our faithful partners' and expressed regret that its move would lead Formula One 'to lose a part of its high technology'.
Michelin head Edouard Michelin justified the move by saying, 'This decision is the conclusion of a deep conflict between the sports philosophy that has always inspired Michelin and the management practises of the F1 authorities, who no longer provide guaranties for a sufficiently clear and durable environment to justify long-term investment.'
The company said that its retreat from racing will likely facilitate the evolution towards a single tyre supplier as early as 2007.
'In this new situation, we can easily verify if the advantages cited by the FIA in favour of a single brand are demonstrated and, particularly, if equity for each team is truly guarantied,' Michelin said.
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