Michelin to pull out after 2006

Tyre giant Michelin has announced that it will quit Formula One at the end of the upcoming season. The decision comes after the FIA announced plans to have a single control tyre from one tyre manufacturer beginning in 2008.

Michelin Chief Executive, Edouard Michelin, said, "This decision is the result of profound differences between Michelin's long-standing sporting philosophy and the way Formula One is managed by the regulating authorities. "The differences no longer provide a clear and sustainable environment to justify long-term investments. For Michelin, leaving Formula One in no way represents abandoning motorsports, to which the Michelin brand has been committed for 117 years. If Formula One's ways of functioning were to be significantly modified, Michelin would not hesitate in proposing its services to the different teams once again."

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