F1's sole supplier of tires on Monday announced its decision to pull out of the sport after the 2010 season. Bridgestone posted a net loss of 38.34 billion yen ($420 million) for 1H2009, having made a profit of 37.24 billion yen the year previous.
2010 marks the third year of Bridgestone's exclusive supply contract with formula one, and a media statement said the Bridgestone Corporation in Japan decided not to seek an extension.
A disappointed Hiroshi Yasukawa, boss of the company's motor racing program, said the decision was about the redirection of "resources towards the further intensive development of innovative technologies and strategic products".
Bridgestone entered F1 in 1997 in competition with Goodyear, and later pitted its products against Michelin's.
It was the only supplier in 2007, then entering a contract to be the sole official supplier between 2008-2010.
