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. Last Updated: 07/27/2016

Goodyear to Quit Formula One After 33 Years

WOLVERHAMPTON, England -- Goodyear, the dominant tire name in Formula One racing for more than 30 years, said Wednesday it would leave the sport after the 1998 season because of rising costs and new racing regulations.

Goodyear entered Formula One in 1965 and had a near-stranglehold on the sport until Japanese tiremaker Bridgestone entered last year and signed up four of Formula One's lesser teams.

The U.S. company supplies tires to all of Formula One's top teams including Williams Renault, Ferrari, McLaren, Benetton and Jordan. Williams' Jacque Villeneuve won the world drivers' title and the team won the constructors' title this season.

Those teams will now be expected to switch to Bridgestone for the 1999 season, although another company, Michelin, could be about to return to Formula One.

"Rule changes imposed for race tires by the governing body for 1998, the ever escalating costs of participation and the consequent diminishing returns on the company's investment in Formula One are major factors in Goodyear's decision,'' said William Sharp, president of the company's global support operations.

There was some criticism of the company last year in regard to its competitiveness, with rumors that several teams were trying to get out of long-term contracts.