( CNN ) -- German car manufacturer BMW has announced it is to pull out of Formula One at the end of the current season after a `` landmark '' decision to restructure the group 's motorsport activities was made by the company 's board in a meeting on Tuesday . BMW Sauber have opted to pull out Formula One at the end of the 2009 season . A statement on the BMW Sauber F1 Team 's official Web site stated that `` the Formula One campaign is [ no longer ] a key promoter for us '' and that `` current developments in motor sport '' had resulted in the decision . Dr Norbert Reithofer , chairman of the BMW board of management , said : `` Of course , this was a very difficult decision for us . But it 's a resolute step in view of our company 's strategic realignment . '' The team currently lie eighth in the constructors ' world championship with eight points after 10 rounds and of their two drivers -- Robert Kubica and Nick Heidfeld -- Heidfeld sits a lowly 13th in the drivers ' championship with just six points . BMW are the second manufacturer to pull out of F1 in a further blow to the sport after Honda 's withdrawal before the start of the 2009 season . CNN 's analysis of BMW 's exit from Formula One . » . However , since Wednesday 's announcement , rival German car manufacturer Mercedes have reconfirmed their commitment to the sport . `` We regret the withdrawal of BMW from Formula One . This decision will not have the slightest influence on our commitment to Formula One , '' a spokesman for the company told AFP . Motorsport 's world governing body , the FIA , reiterated their belief that the move was an indication of how the global economic downturn was affecting the sport . In a statement on their official Web site , they said : `` 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 can not ignore the world economic crisis . `` Car manufacturers can not 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 , '' the statement added . BMW entered Formula One with a takeover of the Sauber F1 team in 2005 and finished fifth in the constructors ' championship in their debut campaign , before racing under their own name in 2006 . With an aggressive aim of winning the world championship within three years , the team came close in 2007 finishing second to Ferrari , thanks largely to the exclusion of McLaren-Mercedes from the manufacturer 's points standings . In 2008 , the team captured third , thanks in part to a first win in the Canadian Grand Prix for Polish driver Kubica . The statement continued : `` It only took us three years to establish ourselves as a top team with the BMW Sauber F1 team . Unfortunately , the team were unable to meet expectations in the current season . '' The car-builder was also unable to `` quantify redundancies '' that may come from the move which follows the exit of Honda in December . The Japanese manufacturer -- who according to FIA president Max Mosley were spending $ 500m a season to compete in the sport -- cited the `` sudden contraction of the world economies '' as their reason to end racing . This led to Mosley spearheading an FIA plan to enforce controversial cost-cutting measures on the teams for the 2010 season . The Formula One furor explained . These measures , which split opinion within the sport , are expected to be adopted in a watered-down form and could eventually save $ 60 million from the cost of running a team , according to Mosley . However , the FIA were prompted by BMW 's exit to warn again that if the measures were weakened too much the positive impact on the sport could be reduced . `` 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 , '' the statement read .
BMW announce that they are to leave Formula One at the end of 2009 season . The German car manufacturer blame ` ` current developments in motor sport '' BMW entered the sport in 2007 with takeover of the Swiss - based Sauber team . The BMW team are currently lying eighth in the constructors ' world championship .