Goodyear to Withdraw from F1 After 1998
19 November 1997
Goodyear to Withdraw from F1 After 1998AKRON, Ohio, Nov. 19 -- After a great ride totaling 361 victories in Formula 1 racing by Goodyear's Eagle tires, the company announced today that it will not return as a tire supplier after the 1998 season. "Rule changes imposed for race tires by the governing body in 1998, the ever-escalating cost of participation and the consequent diminishing return on the company's investment in F1 racing are the major factors in Goodyear's decision, despite its unchallenged winning record in 1997," said William J. Sharp, president of global support operations. Competing against another major tire maker during the 1997 season, Goodyear Eagle F1 tire-equipped cars won all 17 pole positions, all 17 races and both the Drivers' and Constructors' Championships. "We have had a long and rewarding relationship with the highest caliber teams in Formula 1 and it is our intention to ensure that a Goodyear-equipped team wins the championship in 1998 through an aggressive development program," Sharp said. In 1997, Goodyear supplied tires to seven teams: Williams-Renault, Ferrari, McLaren Mercedes, Benetton-Renault, Jordan Peugeot, Sauber-Petronas and Tyrrell-Ford. "We saw our participation in Formula 1 racing as an investment in R&D to provide Goodyear customers with high-tech products," Sharp said. "The rule change imposed by the Formula 1 governing body to tires with grooved treads sets a direction in our development program of complying with costly new specifications rather than with Goodyear's objective to advance technology to a higher level of performance," according to Sharp. "It has now become clear that this significant investment in R&D must be redeployed if it is to continue to yield the best possible return for our customers and our consumers," he said. Goodyear plans to remain extremely active in other forms of racing through continued involvement in a wide variety of other motorsports racing series, Sharp added. Since entering F1 racing in 1965, Goodyear has competed against several highly regarded tire companies and achieved 361 victories, leading to 25 World Drivers' championships and 25 World Constructors' championships. SOURCE The Goodyear Tire & Rubber Company