As speculated earlier this afternoon, BMW have confirmed they will exit Formula One at the end of the 2009 season.
Full BMW Statement:
The BMW Group will not continue its Formula One campaign after the end of the 2009 season. Resources freed up as a result are to be dedicated to the development of new drive technologies and projects in the field of sustainability. BMW will continue to be actively involved in other motor sports series. The landmark decision to restructure BMW Motorsport’s activities was made at the Board of Management’s meeting yesterday.
“Of course, this was a difficult decision for us. But it’s a resolute step in view of our company's strategic realignment," explained Dr. Norbert Reithofer, Chairman of the Board of Management of BMW AG. “Premium will increasingly be defined in terms of sustainability and environmental compatibility. This is an area in which we want to remain in the lead. In line with our Strategy Number ONE, we are continually reviewing all projects and initiatives to check them for future viability and sustainability. Our Formula One campaign is thus less a key promoter for us. Mario Theissen has been in charge of our motor sports program since 1999. We have scored a large number of successes in this period, including some in Formula One racing. I would like to express my sincere gratitude to Mario Theissen and his team for this,” said, Reithofer.
Dr. Klaus Draeger, the member of the Board of Management responsible for development, said: “It only took us three years to establish ourselves as a top team with the BMW Sauber F1 Team. Unfortunately, we were unable to meet expectations in the current season. Nevertheless, our ten years of Formula One experience have had a major impact on our development engineers. We have racing to thank for numerous technological innovations as well as the competitive spirit that drives us to develop mass-produced cars.” Possible redundancies in Munich and Hinwil cannot be quantified at present. Says Draeger: “Since we only made this decision yesterday, we cannot provide any more precise information. We will develop and assess various scenarios and do our best to find a solution for the employees in Hinwil and the staff members involved in the Formula One project in Munich. We are aware of the responsibility we shoulder and will inform the staff as soon as we can make a clear statement."
Says BMW Motorsport director Dr. Mario Theissen: “Of course, we, the employees in Hinwil and Munich, would all have liked to continue this ambitious campaign and show that this season was just a hiccup following three successful years. But I can understand why this decision was made from a corporate perspective. We will now focus sharply on the remaining races and demonstrate our fighting spirit and put in a good result as we bid farewell to Formula One racing.”
BMW will continue its programs in a number of motor sports series: BMW will appear on the starting grid in the touring car series and young driver promotion program in Formula BMW. This will be supplemented by BMW’s participation in ALMS, the American Le Mans Series, endurance races and close-to-production customer sports. Furthermore, BMW Motorrad Motorsport will continue its campaigns, with the super bike world championship leading the way.
BMW looks back on a long track record of success in the field of motor sports:
BMW achieved eight Formula One victories from 1982 to 1985 with Brabham. In 1983, BMW won the driver’s championship with Nelson Piquet (Brabham BMW). The last win with the legendary turbo engine followed with Benetton in 1986. Ten victories were scored during the partnership with Williams (2000-2005). BMW had a total of 19 grand prix wins and 33 pole positions before the BMW Sauber F1 Team era.
In its debut season in 2006, the newly established BMW Sauber F1 Team wound up fifth in the constructor’s championship. In 2007, the German-Swiss team came in second after McLaren-Mercedes’ exclusion from the points standings. The 2008 season saw the team in the hunt for the world championship until the end of the season, winding up third. Polish-born Robert Kubica achieved the first and hitherto only GP victory in Canada on June 8, 2008. So far, the BMW Sauber F1 Team has taken one pole position (Kubica in Bahrain in 2008) and 16 podium finishes. The BMW Sauber F1 Team occupies the eighth spot in the manufacturer’s standings in the season presently underway.
BMW to Exit Formula One at End of 2009 Season
Moderators: cmlean, Ed, The Qualiflyer, The Heretic
The FIA issued the following statement following the BMW announcement:
FIA Press Release
BMW
The FIA regrets the announcement of BMW’s intended withdrawal from Formula One but is not surprised by it.
It has been clear for some time that motor sport cannot ignore the world economic crisis. 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.
This is why the FIA prepared regulations to reduce costs drastically. These measures were needed to alleviate the pressure on manufacturers following Honda's withdrawal but also to make it possible for new teams to enter.
Had these regulations not been so strongly opposed by a number of team principals, the withdrawal of BMW and further such announcements in the future might have been avoided.
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.
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.
As the guardian of the sport, the FIA is committed to ensuring that Formula One remains financially sustainable for all competing teams and it will always act to ensure that this remains the case.
FIA Press Release
BMW
The FIA regrets the announcement of BMW’s intended withdrawal from Formula One but is not surprised by it.
It has been clear for some time that motor sport cannot ignore the world economic crisis. 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.
This is why the FIA prepared regulations to reduce costs drastically. These measures were needed to alleviate the pressure on manufacturers following Honda's withdrawal but also to make it possible for new teams to enter.
Had these regulations not been so strongly opposed by a number of team principals, the withdrawal of BMW and further such announcements in the future might have been avoided.
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.
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.
As the guardian of the sport, the FIA is committed to ensuring that Formula One remains financially sustainable for all competing teams and it will always act to ensure that this remains the case.
FOTA issued the following statement following the BMW announcement:
Statement by FOTA Secretary General
29 July 2009
“With regard to the announcement made today by BMW, FOTA Teams have immediately consulted each other and are ready to assure all the necessary support to the Swiss-based team, whose membership in the association is confirmed, to continue its involvement in the F1 Sport.
It is worth to mention that a professional work has already began within FOTA, aimed at increasing the involvement of the fans and at improving the F1 show. Among those initiatives, one that could be interesting is the introduction of a third car on the grid. FOTA will seek the opinions of all the most relevant stakeholders in order to exchange ideas and define proposals for the future of Formula One.
FOTA Teams now wish to have the necessary certainty and stability within Formula One in order to focus on those fundamental priorities for the future.”
Statement by FOTA Secretary General
29 July 2009
“With regard to the announcement made today by BMW, FOTA Teams have immediately consulted each other and are ready to assure all the necessary support to the Swiss-based team, whose membership in the association is confirmed, to continue its involvement in the F1 Sport.
It is worth to mention that a professional work has already began within FOTA, aimed at increasing the involvement of the fans and at improving the F1 show. Among those initiatives, one that could be interesting is the introduction of a third car on the grid. FOTA will seek the opinions of all the most relevant stakeholders in order to exchange ideas and define proposals for the future of Formula One.
FOTA Teams now wish to have the necessary certainty and stability within Formula One in order to focus on those fundamental priorities for the future.”
Quiters! 
All they had to do was dramatically scale back their investment over the next couple of years and scale back their expectations. This all or nothing, sh*t or bust attitude is all too prevalent.
All that investement of time, energy and money has been effectively flushed down the toilet. Gross expenditure: ludicrous, net gain: laughable. 
All they had to do was dramatically scale back their investment over the next couple of years and scale back their expectations. This all or nothing, sh*t or bust attitude is all too prevalent.
All that investement of time, energy and money has been effectively flushed down the toilet. Gross expenditure: ludicrous, net gain: laughable. Lewis Hamilton & Jenson Button World Champions 
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F1greyhound
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Very disappointing and eventually partly down to this seasons results..
What this thing proves is however, that Max Mosley hasnt done everything wrong in the past. He always declined to get the manufacturers to dictate F1 politics as he was aware they are not there with full heart but for pure economical reasons. And he said more than one time, manufacturers will come and go....
I hope the team survives, though.
What chance BMW might face the same result next season as HONDA this year(a winning car which could have carried their name..)?
What this thing proves is however, that Max Mosley hasnt done everything wrong in the past. He always declined to get the manufacturers to dictate F1 politics as he was aware they are not there with full heart but for pure economical reasons. And he said more than one time, manufacturers will come and go....
I hope the team survives, though.
What chance BMW might face the same result next season as HONDA this year(a winning car which could have carried their name..)?
YOURS IN SPORT
Update from Mario Theissen on the current situation at BMW Sauber:
Since the announcement on 29 July of our strategic realignment, we have done everything in our power to reach a rapid agreement on the sale of the team based at Hinwil. Regrettably, despite every effort, this has proved unsuccessful. The tight timeframe we faced simply did not allow us and the interested parties and investors enough time to find a solution for such a complex transaction. This means the team cannot sign the Concorde Agreement at present. The aim now is, over the coming weeks, to find a solution together with potential interested parties and Peter Sauber. Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment."
Related: First Sauber takeover talks fail - reports
Since the announcement on 29 July of our strategic realignment, we have done everything in our power to reach a rapid agreement on the sale of the team based at Hinwil. Regrettably, despite every effort, this has proved unsuccessful. The tight timeframe we faced simply did not allow us and the interested parties and investors enough time to find a solution for such a complex transaction. This means the team cannot sign the Concorde Agreement at present. The aim now is, over the coming weeks, to find a solution together with potential interested parties and Peter Sauber. Beyond that, we will see the 2009 season through to its conclusion with our unstinting sporting commitment."
Related: First Sauber takeover talks fail - reports
It is reported that the FIA sent letters to the prospective teams that missed out in the first round of selection following the withdrawl of the BMW Sauber team and their failure to sign the new Concorde Agreement.
This may turn to be another struggle between FOTA and the FIA as FOTA are trying to rescue the team while the FIA wants a new team to replace BMW.
Related: FIA begins process to replace BMW in 2010
This may turn to be another struggle between FOTA and the FIA as FOTA are trying to rescue the team while the FIA wants a new team to replace BMW.
Related: FIA begins process to replace BMW in 2010