Toyota have today announced that they are pulling out of Formula One to save money after posting devastating figures for the year. This leaves no Japanese competitor for the 2010 season. They follow Honda, who quit the sport at the start of the 2009 season, and BMW who announced their departure in July.

But where does this leave Formula One? Even Ferrari have threatened recently to quit and that really would be catastrophic for a sport already struggling to come to terms with the world financial situation.

Clearly the FIA and Formula One bosses need to make it cheaper to compete or we could be looking at a three horse race in the not too distant future between Ferrari, Williams and McLaren-Mercedes. Brawn stepped into Honda’s shoes and have proved what can be done by winning the Drivers’ and Constructors’ Championships in there first year with Jenson Button so there is life in the old dog yet.

The actions of BMW, Honda and Toyota cannot be ignored, however. For fans of the sport, something needs to be done fast by the governing body.