Currently reading: Toyota rules out F1 entry sale
Firm plans to sell its car's design, but not its entry for 2010

Toyota has relinquished its Formula One entry for the next three years and has no interest in selling it to another team, according to a company source.

The source told that the team was working on a financial settlement with F1 supremo Bernie Ecclestone over its pull-out and that it would not be interfering with the selection process for the final grid slot, which has gone to Sauber, by choosing who to sell its grid entry to.

"We have returned our entry to the FIA and have no intention or wish to influence or interfere in the allocation process," said the source. "That is a matter for the Federation. We are discussing a settlement with Bernie on the basis of goodwill and what is acceptable to all parties."

Toyota seemed to be facing a major fine for withdrawing from the sport, having committed itself to F1 for the next three years by signing the new Concorde Agreement over the summer, but it is not clear how this would be imposed.

The source also said the team was working on selling the design and intellectual property on its 2010 car on to the sport's new teams.

"We have offered the IP of our 2010 car for a nominal fee to some of the new entrants but none have accepted," said the source. "We have interest from Stefan GP but it is not clear if they will receive an entry or not."

The source also said Japanese driver Kamui Kobayashi was part of the package being offered. The Japanese driver was set for a seat with Toyota next season after impressing in the final two races of 2009.

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