In news that probably isn’t all that surprising this morning, Japanese car firm Toyota have confirmed that they will no longer take part in Formula One racing due to posting its worst ever financial loss. The world’s largest car manufacturer is leaving the sport to concentrate on its core business and to cut costs.

Rumours had been gently spreading over the past few weeks that the team were to possibly leave F1. Earlier last week Williams announced that they were no longer to use Toyota engines which some point out as one of the causing factors.

Last night @f1scoop found an article reported by Japanese newspaper Mainichi Daily News that the Toyota board have decided to pull out of Formula 1. A translation of the news article can be found here. To quote the article:

“Toyota Motor Corp., the world’s greatest motor racing, Formula One (F1) has decided to withdraw as far as this year.”

The announcement was made at 0800 hrs GMT today, 1700 local time.

This now leaves an empty slot on the grid for a team next year, which will likely mean the ex BMW Sauber team will be able to join in the the 2010 season after all. This also leaves Toyota drivers Jarno Trulli, Timo Glock and the impressive Kamui Kobayashi out of a job.