F1: Bridgestone to quit F1 after 2010 season

From GMM

F1's sole supplier of tyres on Monday announced its decision to pull out of the sport after the 2010 season.

2010 marks the third year of Bridgestone's exclusive supply contract with formula one, and a media statement said the Bridgestone Corporation in Japan decided not to seek an extension.

A disappointed Hiroshi Yasukawa, boss of the company's motor racing programme, said the decision was about the redirection of "resources towards the further intensive development of innovative technologies and strategic products".

Bridgestone entered F1 in 1997 in competition with Goodyear, and later pitted its products against Michelin's.

It was the only supplier in 2007, then entering a contract to be the sole official supplier between 2008-2010.