The season may have ended back in November with the inaugural Abu Dhabi Grand Prix, but the world of Formula 1 hardly ever stops moving. So here is a summary of all the latest developments in the sport that have taken place since the 2009 Abu Dhabi Grand Prix.
Toyota have announced that they are pulling out of Formula 1 with immediate effect. The announcement came from the Toyota Motor Company headquarters in Tokyo just days after the season ended in Abu Dhabi. Having made their Formula 1 debut in 2002, Toyota has been one of the highest spending teams on the grid, often out-spending the likes of Ferrari and McLaren. However, with the Japanese car maker facing its biggest financial loss ever on the back of the worldwide recession and its Formula 1 team yet to achieve its coveted first victory, the bosses at Tokyo decided that they had no other option but to pull out of the sport to allow them to concentrate more on their core business. The future of all the employees at Toyota's Formula 1 base at Cologne is still unclear.
Formula 1's tyre supplier Bridgestone has announced that they will be withdrawing from the sport as well when their current tyre supply contract runs out at the end of 2010. Bridgestone has been the sole tyre supplier in Formula 1 since 2007, after French tyre manufacturer Michelin pulled out at the end of 2006. Bridgestone say that their decision to withdraw came after a strategic re-think of their business due to the economic crisis. The FIA say that it will now look for other tyre makers to bid for a new contract for 2011 and onwards.
Amid massive uncertainties, French car maker Renault has sold a majority stake of its Formula 1 team to Luxembourg based investment company Genii Capital. After all the crash-gate scandal engulfing the team earlier in the year that led to the departure of its team bosses Flavio Briatore and Pat Symonds, Renault was on the verge of quitting Formula 1. However, the deal with Genii Capital now mean that the team will remain in the sport and will continue to use the Renault brand in Formula 1.
After German manufacturer BMW announced their withdrawal from Formula 1 earlier this year, the Formula 1 team originally founded by Peter Sauber was left in severe uncertainty. However, after weeks of negotiation, BMW decided to sell the team back to Peter Sauber and the FIA has granted the team a place on the 2010 Formula 1 grid. The Sauber F1 team will use Ferrari customer engines to power their cars next year.
The Lotus brand is coming back to Formula 1 after a hiatus of almost 15 years. Lotus cars is now owned by Malaysian car maker Proton, which is a fully owned subsidiary of the Malaysian government. With the backing of the Malaysian government and Malaysia based low-cost airline Air Asia, Malaysia is launching their own Formula 1 team under the name Lotus F1 racing. They will take Toyota's place on the grid next year. The team will be headed by Air Asia chief executive Tony Fernandes and the entire operation will eventually be based in Malaysia, near the Sepang circuit which hosts the Formula 1 Malaysian Grand Prix.
Richard Branson's Virgin Group has confirmed that it is taking over one of next year's debutants Manor Grand Prix. Manor GP, or as now called Virgin Racing, is based in Sheffield, England. Virgin also announced at the same time that it has signed former Toyota driver Timo Glock and Brazilian rookie Lucas di Grassi as its lead drivers.
2009 Driver's World Champion Jenson Button has left his BrawnGP team and signed up for McLaren. After months of negotiations with the BrawnGP team bosses, that went on even during the season, the two parties failed to come to an agreement regarding Button's salary. Button took a huge pay cut when BrawnGP was salvaged from the ashes of Honda last winter, and after winning the championship in 2009, Button was just looking to go back to his previous salary levels. However, he failed to come to terms with BrawnGP and instead signed up for McLaren where he felt he has a better future. An all-British line-up of Lewis Hamilton and Jenson Button in McLaren next year is a pretty tasty prospect indeed!
Finally, 2009 Championship winner BrawnGP has been taken over by German car manufacturer Mercedes-Benz. The team has been renamed to Mercedes Grand Prix, and they have signed Malaysian oil company Petronas as their title sponsor. Mercedes Motorsport president Norbert Haug confirmed that former BrawnGP team bosses Ross Brawn and Nick Fry will remain in charge. This is the first time since 1955 that Mercedes is starting a season with its factory backed works team. For the past several years, Mercedes has mainly been involved with Formula 1 as primary engine supplier and strategic partner of McLaren. While the engine supply deal will continue as it is now, McLaren would now become more of an independent manufacturer using Mercedes customer engines. The legendary Silver Arrows brand would obviously be seen on the Mercedes cars next year. German driver Nico Rosberg has been confirmed to be Mercedes' first driver. He swaps his place with Rubens Barrichello, who takes Rosberg's place in Williams. Rosberg's team mate in Mercedes is still to be confirmed, but there are strong rumours that seven times World Champion Michael Schumacher may come out of retirement to form an all-German pair at Mercedes next year. Schumacher is currently contracted to Ferrari as a consultant to their road car division.