Toyota F1 sponsors extend contract

Panasonic have agreed a new contract to remain as Toyota’s Formula 1 title sponsor until 2012, it was announced today.

The electronics firm’s current deal was due to expire at the end of the 2009 season but they have now extended the agreement for a further three years.

Tadashi Yamashina, Toyota team principal said: “I would like to extend my deepest thanks to Panasonic for continuing as our title sponsor, despite the particularly harsh economic climate. The team will redouble its efforts this year in order to achieve its long-sought-after first victory.”

Toyota’s Japanese rivals Honda have been forced to pull out of F1 because of the worldwide economic crisis and are looking for a buyer for their team in order for them to compete in the 2009 season.