The German car maker had announced earlier this year that it was pulling out of Formula 1, and had agreed a deal with Swiss company Qadbak, to run the team in the future. However BMW said this morning that the deal with Qadbak could not be completed, although they haven’t cited reasons why this was the case.

Dr. Klaus Draeger, Member of the Board of Management of BMW AG responsible for development, said this morning: “We are very pleased with this solution. Thus the most important prerequisite for a successful future of the team is satisfied. Our relationship with Peter Sauber has always been excellent and marked by the highest respect. We would like to thank Peter Sauber and the whole team for their excellent cooperation during the past four years. ”

Peter Sauber said: “I am very relieved that we have found this solution so that we can get to save Hinwil and most of the jobs. I am convinced that the new team will have a very good future in Formula 1, which is now developing in favour of private teams. We have skilled, motivated employees, and I am happy to accept them, together with the new challenge. I wish to thank BMW for four very successful years. ”

The deal assumes that the current BMW Sauber F1 team will be reduced from 388 to around 250 employees, however the team said that further layoffs cannot be excluded in the near future.

After posting its largest ever financial loss, the world’s largest car manufacturer will now concentrate on its resources to turnaround the performance of its core business. Toyota president Akio Toyoda said the Japanese team had no option but to withdraw from F1 citing “the current severe economic realities” which had hit Toyota’s businesses hard.

Formula 1 was reputed to be costing Toyota €15.8m per grand prix, which is a lot of money in anyone’s book.

After taking part in 139 F1 races the team failed to win, but managed to achieve fifth place in the 2009 constructors’ championship. After 7 years enough was enough, which will come as a great disappointment for Kamui Kobayashi who was all set to land a full-time drive for Toyota after impressing in the final two races of the season.

Toyota join Honda who withdrew from F1 at the end of last season, and BMW who also made 2009 their last season but this could represent good news for Sauber who received support from after Swiss-based Qadbak Investments following BMW’s withdrawal in July. At the time the FIA offered Sauber the ‘first reserve’ position for the 2010 season, so this news should add an end-of-season cheer to the folks in Hinwil.

Toyota’s withdrawal from F1 marks a period of change for Japanese companies in motorsport – Subaru and Suzuki exited the world rally Championship in 2008 and Kawasaki from Moto GP, then with Honda and now Toyota we may be witnessing a turnaround in the ‘perceived sportiness’ of these Japanese brands.

What this means for the future of the F1 Team and it’s place in the 2010 season is as yet uncertain, but it should result in jobs being saved at the ex-Sauber factory.

UPDATE: Press release from BMW Sauber F1: “We are pleased to confirm that the FIA has indicated that we may have a place in the 2010 Formula One World Championship. The team expects to line up on the grid for the first race of the 2010 season.”

Reporter: Tony Braybon