BMW'S Formula One team will become the second manufacturer-run team to leave the championship.
An announcement this morning (Wednesday 29) confirmed that the team, which currently campaigns with drivers Kick Heidfeld and Robert Kubica, would end their three-year spell in the sport at the end of this season.
They follow in the footsteps of Honda who walked away from Formula One in December last year due to the financial commitments demanded by the sport.
This week BMW, who were part of a team of drivers battling budget caps just two months ago, cited "current developments in motor sport" as the reason for their planned departure.
BMW had given themselves three years to win the world championship.
They won their first race in 2008 but have amassed only eight points so far this season and are struggling to keep pace with the rest of the F1 field.
Team boss Mario Theissen said: "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."