Michelin to pull out of Formula One after 2006 season
(AP)
Updated: 2005-12-15 13:53

PARIS (AP) -- French tire maker Michelin said Wednesday it was pulling out of Formula One after the 2006 season, leaving Japanese-owned Bridgestone as the sport's only tire supplier.

Michelin's future in F1 had been in doubt since all seven of the French manufacturer's two-car teams pulled out of the race at Indianapolis on June 19 because of concerns over the safety of the tires. Only six of 20 F1 cars -- all equipped with Bridgestone tires �� raced that day.

Only six cars ran in that race, all equipped with Bridgestone tires.

The FIA, the world governing body of motor racing, and many teams have been pressing for a single tire manufacturer as a moneysaving measure. Michelin has argued that one supplier would reduce competition, could profit one team more than another and not necessarily cut costs.

After consulting with carmakers, Michelin said a move to a single tire supplier was "inevitable."

"In this context, continuing to make long-term investments in Formula One no longer presents the same interest," a Michelin statement said.

In the same statement, managing director Edouard Michelin criticized officials who run Formula One -- the FIA, and Formula One commercial rights holder Bernie Ecclestone.

"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, which no longer provide a clear and sustainable environment to justify long-term investments," Edouard Michelin said.

"For Michelin, leaving Formula One in no way represents abandoning motor sports, to which the Michelin brand has been committed for 117 years," he said. "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."

In a statement, the FIA applauded the move to a single tire builder.