Toyo Tyre & Rubber Australia Limited will regretfully not be participating as the Naming Rights Sponsor for the Drift Australia Series for 2009 as a direct result of the current global financial situation.
Toyo Tyre & Rubber Australia Limited regrets the implications this may have with Drift Australia (the series organiser); the competitors; spectators; and fellow sponsors, but given the severity of the global financial situation and its potential medium term effects, we are obliged to take decisive action immediately to protect the interests of our shareholders and employees and to safeguard our position in an increasingly uncertain global market.
Toyo Tyre & Rubber Australia Limited has been proud to be the Naming Rights sponsor for the Drift Australia Series since its inception in 2006 and in that time we have been very impressed with the professionalism and direction that Drift Australia has brought to this emerging new form of motor-sport in Australia. Similarly the rapid improvements in the level of skill and team presentation shown by the competitors in this relatively short period of time can only be explained by their boundless enthusiasm and commitment to this sport.
This is a decision that Toyo Tyre & Rubber Australia Limited is reluctant to make, but we consider that it is imperative from the perspective of corporate responsibility in relation to our stakeholders. We will continue to take a close interest in the development of the sport here in Australia and will be reviewing our position in terms of sponsorship in subsequent years.
