"Michelin has on several occasions expressed the conditions of its involvement in Formula One: Michelin considers Formula One to be a highly technical motorsport in which the tyre is a very influential component in the scope of the performance of the vehicle.
The teams' freedom to choose their own tyres is essential. Therefore, competition between at least two tyre manufacturers is critical; this provides the basis for real competition between tyre suppliers which, in turn, stimulates progress for the publicís greater interest.
Today, it would appear as though Formula One rules will be modified to impose a single tyre supplier.
After consulting with its loyal partners (McLaren Mercedes, BMW Sauber F1, Renault F1, Honda Racing F1) as well as with Sir Frank Williams, Michelin is now convinced that the evolution towards a single tyre supplier is inevitable. Michelin expresses its regret to see F1 lose a part of its high technology.
In addition to this new direction in F1, there are constant changes to racing regulations without warning. Such practices also make planning for the future completely impossible.
In this context, continuing to make long-term investments in Formula One no longer presents the same interest.
Michelin has therefore decided not to extend its Formula One involvement beyond the 2006 season.