“After only having announced barely three years ago, in March 2006, that Fuji Speedway would hold the F1 Japanese Grand Prix, it is heart-wrenching that we were not able to avoid the decision to abandon our plans to hold the race from 2010," company president Hiroaki Kato admitted.

“To the people who attended the event at Fuji Speedway last year and the year before, to those who were looking forward to the event there in the future, and to all those locally and elsewhere who granted us their immense understanding and encouragement, I deeply apologise for a result not commensurate with your expectations. At the same time, I would like to express my heartfelt appreciation for your kind support.

“Fuji Speedway intends to devote itself with even greater intensity to promote motor sports. For this, we humbly seek your continued understanding.”

The long-term future of the Japanese Grand Prix will now be cast into uncertainty as a representative of Suzuka owner Honda told Reuters that 'no decision [has been taken] beyond the planned hosting in 2009 and 2011. Unlike Fuji, Suzuka currently has no associated team competing in the top flight, following Honda's decision to withdrawn from F1 last December.