Toyota withdraws partnership contract with HRT
The Japanese Motor Corporation, Toyota have just announced to withdraw their partnership contract with HRT for the 2011 season. Instead, they have announced that they are only interested in getting back their unpaid dues that the team owes to them from their
short lived collaboration.
Toyota had its own team in Formula One in the past seasons and only pulled out at the start of the 2010 season. As per the initial agreement between the Hispania Racing F1 Team (HRT) and Toyota Motorsport GmbH (TMG), the struggling team was supposed to use
Toyota's planned 2010 car, in the upcoming season. However, it went unused this season as the two later on decided that it would be used in 2011 when both, HRT and Toyota will join together for a combined campaign in 2011.
Nevertheless, just as the 2010 season ended Toyota dismissed all the combined ventures for future. A statement issued earlier today said, "Toyota Motorsport GmbH (TMG) confirms that all cooperation with Hispania Racing F1 Team (HRT) has been terminated
and will not resume.”
The press release further said that all the intellectual property rights of TMG’s current F1 car remains with it and HRT in any case has no right on its car or its design. Moreover, the company also announced that they are free to decide for its package
and do not need any approval from HRT or any other stake holder.
Toyota further declared that it is free to carry on with its other projects and can maintain relations with new customers to deliver its very efficient engineering services.
While concluding the statement, TMG said regretfully that HRT did not meet the contractual obligations in terms of payments, the core reason for winding up of the agreement. However, the Japanese company is adamant to use all the available options to settle
the matter among the two in a satisfactory method.
For HRT, this is their first season in Formula One and it has not gone without the big share of troubles and issues. However, the team principal Colin Kolles has determined that all the issues will be resolved peacefully.
The team is very motivated to have a better season next year. While talking to the media earlier this year Kolles said that he was very much prepared for all the hardships which every rookie team has to face. He believes that they have paid the price and
now 2011 season would be less demanding.
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