BMW to pull the plug on F1?

Rumours that BMW are on the verge of pulling out of Formula One were triggered last night when the German manufacturer announced it would be holding a press conference on Wednesday to discuss “current developments in motorsport”.

The manufacturer is understood to be holding crisis talks at their Munich base regarding their future in grand prix racing.

Since entering the sport in 2006 BMW have made quick progress and in 2008 they took their first grand prix win and challenged for the world championship.

But a string of poor performances this year, allied to the current economic climate, has prompted speculation that the German marque could follow Honda out of the sport.