Bridgestone Corporation will withdraw from Formula 1 at the end of the 2010 season.

The announcement was made by the tire manufacturer last Monday saying that it will not enter into a new tire supply contract with the FIA Formula One World Championship series with its current contract set to expire at the end of the 2010 season.

Hiroshi Yasukawa, director of Bridgestone Motorsport said, “It is with deep regret that Bridgestone Motorsport confirms that the Bridgestone Corporation announced its decision to not enter into a new tire supply contract with the FIA Formula One World Championship series.”

“The decision made by the Board of Directors of Bridgestone comes after considerable and lengthy evaluations and has been based on the company’s need to redirect its resources towards the further intensive development of innovative technologies and strategic products.”

Bridgestone had been supplying tires for Formula 1 since 1997 and became the sole tire supplier in 2007. They have won 156 out of 223 races entered.

Bridgestone will continue to supply tires to the GP2 Series and GP2 Asia Series, and will also continue as the sole supplier in MotoGP until 2011.