Michelin to pull out of F-1 after 2006

Paris:

French tire maker Michelin said Wednesday it was pulling out of Formula One after the 2006 season, leaving Japanese-owned Bridgestone as the sport's only tire supplier. The future of Michelin has been in doubt since seven of 10 teams pulled out of the United States Grand Prix on June 19 because of concerns over the safety of their Michelin tires. Only six cars ran in that race, all equipped with Bridgestone tires. The FIA, the world governing body of motor racing, and many teams have been pressing for a single tire manufacturer as a moneysaving measure. Michelin has argued that one supplier would reduce competition, could profit one team more than another and not necessarily cut costs. After consulting with carmakers, Michelin said a move to a single tire supplier was "inevitable". (AP)