From GMM

Toyota's team boss has indicated the Japanese manufacturer might decide to pull out of formula one.

Amid rumours about the Toyota Motor Corporation's wavering commitment to the sport because of its serious financial losses, Tadashi Yamashina said the cost of competing in F1 is an issue.

"We need to turn it into an F1 where you don't need so much money," he said at a news conference in Tokyo, according to the Yomiuri newspaper.

Toyota's team president John Howett has been at the forefront of the FOTA group's efforts to cut costs, but the Briton was also one of the leading protagonists of the argument against Max Mosley's budget cap.

Yamashina added: "We'll have to consider various issues while bearing in mind our ties with the main (Toyota) company."

Cologne based Toyota has signed the new Concorde Agreement, which binds teams to F1 until the end of 2012, but the team's 2010 budget has not yet been approved by the carmaker's executive committee.

It is said that this can be done at a November 15 meeting at the earliest.

It emerged this week that the team is therefore not in a position to sign up any drivers for next year.

The news about Timo Glock's expiring contract option for 2010 was interpreted by some as the driver having been "fired", but he said in the German press: "I can look around at other teams, because Toyota has to clarify certain things."