London: Formula One`s governing body expressed regret but no surprise at BMW`s shock exit from the sport and hoped a cost-cutting campaign would prevent any more manufacturers from pulling out.
"It has been clear for some time that motorsport cannot ignore the world economic crisis," the International Automobile Federation (FIA) said in a statement after BMW announced they would pull out at the end of 2009.
"Car manufacturers cannot be expected to continue to pour large sums of money into Formula One when their survival depends on redundancies, plant closures and the support of the taxpayer," it added.
The FIA said BMW`s departure might have been avoided had some teams not put up resistance to regulations aimed at dramatic cutting costs.
"Nevertheless, as a result of a sustained cost-cutting campaign by the FIA, new measures are in the process of being agreed which should make it easier for new teams to enter and enable existing ones to participate on much reduced budgets," said the governing body.
"It is no secret that these measures do not go as far as the FIA would have liked but a compromise was needed in the interests of harmony in the sport.”
"Hopefully it will be enough to prevent further withdrawals and provide a solid foundation for Formula One."