F1 wants Bridgestone to stay in 2011

UPDATE Bridgestone has confirmed that it has not modified plans to depart Formula 1 at the end of the upcoming season. "Bridgestone's position remains the same," a spokesperson explained. "It will not enter into a new tire supply contract with the FIA Formula One World Championship series; the current contract is set to expire at the end of the 2010 season."

[Editor's Note: Was the rumor started saying Bridgestone might stay to entice other tire companies to sweeten their offer?]

02/23/10 (GMM) F1 is reportedly working to convince its official tire supplier Bridgestone to stay in formula one beyond this year.

The Japanese supplier, constantly involved in F1 since 1997 and the official sole supplier between 2008-2010, has announced it will withdraw from the sport at the end of this season.

Korean suppliers Kumho or Hankook were reportedly interested in taking over in 2011, but a new report in Spain's El Mundo Deportivo said the pair are in fact not serious alternatives.

The report said the teams are "very concerned" about the tire situation for 2011, and that talks about reducing Bridgestone's necessary expenditure are taking place.

El Mundo said Bridgestone's current annual spend is EUR55 million.

The rules for 2010 have already been amended so that 11 sets of tires rather than 14 are available to each driver per event.

A Michelin spokesman said recently the French marque "might consider" returning to F1 if the rules are further amended to demonstrate the tires' role in "fuel saving and C02 reductions".