Formula One received two shots in the arm yesterday as Toyota quelled rumours of its withdrawal and seven-time champion Michael Schumacher announced he would stand in for injured driver Felipe Massa.

Toyota has said publicly that it remains committed to Formula One, after the withdrawal of BMW prompted speculation that the Japanese manufacturer would follow.

“Through cost reduction we will continue our Formula 1 activities,” said a Toyota spokesman,  “Our situation remains unchanged.”Toyota is expected to sign the new Concorde Agreement – setting the terms of the commercial arrangement between F1 organisers and teams – within the next few days.

The Formula One Team’s Association has already said it would fight to save the BMW Sauber team, as it did to help the Brawn GP team – formerly Honda F1 – earlier this year.

Source: Sport Business Int