Looks like it's over...

[Scott]

Quite a turn of events.  Although not totally surprised by Toyota's move, it will be interesting to see if they pass the team along or just wind it down.  Not great news for Trulli or Glock though.  I hope they both stay motivated so they impress either the new teams or old teams that may have places available. 

I can't wait to see the FIA's statement with regards to the governance and rule stability (what Ferrari have demanded).  That will basically show us if Max won or lost I guess.

From Planet F1:

Ferrari and the other FOTA members, barring Toyota, are all expected to sign up for next year's Championship by the close of play today.

The teams have until today, Friday 29th May, to sign up for the 2010 Formula One season after Max Mosley pushed forward the deadline.

However, in the build-up to D-Day there has been a great deal of political tension between the teams and Mosley as the FIA President put into place plans to introduce a budget cap and two-tier regulations that would favour those agreeing to the cap.

This resulted in some of the teams; Ferrari, Renault, Red Bull, Toro Rosso and Toyota; threatening to quit the sport.

But after weeks of wrangling, the two parties have reportedly agreed to a £85m restriction in 2010 with the cap dropping to £40m the following season. There will also be one set of regulations for all teams while the existing teams have undertaken to help out any new entrants by supplying cheap parts and technical expertise.

"We are not meant to say anything, but you can expect Ferrari and the others to sign up," an insider told the Daily Mail.

Meanwhile, the Telegraph is reporting that Ferrari's 'entry will be conditional on the response of the FIA, the sport's governing body, to a proposal submitted this morning by the Formula One Teams Association. The proposal will demand assurances regarding the stability, governance and rule-making within the sport.'

But while Ferrari are expected to sign up, one team that reportedly won't is Toyota as the Japanese manufacturer is believed to be pulling out of Formula One at the end of the season.

'As for Toyota, they are looking for an elegant exit. Their Formula One project has failed to deliver fruit, despite annual expenditure of around £300m,' claimed the Daily Mail.

'With their fellow Japanese manufacturers Honda having withdrawn last December, they can depart without too much embarrassment at home. Grand prix racing can live without them, if not Ferrari.'

The FIA will announce the names of next season's participants on June 12.

[Jericoke]

For all the dramatics, I was pretty sure things would work out somehow.  Too much money at stake for it not to.

I'm a little disappointed to see Toyota go, even if they're no great loss from a racing standpoint, I just don't like the idea of people leaving F1 

[John S]

Following on the heels of the story about Toy not submitting an entry for next year comes this about Fuji giving up the Japanese GP, so it must now be certain that Toy are leaving!

Fuji may give up on Japanese GP

By Pablo Elizalde autosport.com ,Today

The Fuji Speedway circuit may give up next year's Japanese Grand Prix due to financial reasons.

Fuji, owned by car maker Toyota, replaced Suzuka as the home of the Japanese race in 2007, but a spokesman for the manufacturer told news agency Reuters that it was considering pulling the plug on the race.

"(Fuji's company) FISCO tell us they are taking various elements into account in their consideration towards hosting next year's Japanese Grand Prix," Toyota's Paul Nolasco said.

Honda's Suzuka circuit hosted the Japanese Grand Prix from 1986 to 2006 and will return to the calendar this season as it alternates hosting the race with Fuji on a yearly basis.

Honda left Formula 1 at the end of last year in order to save costs.

[Chameleon]

Guess again, guys.  Autosport reckons all the existing teams have signed on now, including Toyota (http://www.autosport.com/news/report.php/id/75680).  There are several other things wrong in Planet-F1's article, demonstrating quite effectively that it is not really a trustworthy source.

[david1275]

Guess again, guys.  Autosport reckons all the existing teams have signed on now, including Toyota

This has to be good news for the sport, but it will be interesting to see how it all plays out.
Roll on June 12th until we see who else we are getting next year.