Toyota refutes Formula One reports

KOLN, Germany, Jan. 27 (UPI) -- Toyota has denied recent reports it is dropping its Formula One auto racing sponsorship.

Recent reports have said the Japanese automaker would relinquish its sponsorship of Jarno Trulli, Ralf Schumacher and Timo Glock if the team did not improve "significantly" in the next two seasons.

Team head Tadashi Yamashina said in Toyota's annual motor sport report he had been given two more years to get the team on the winning track, but Motorsport President John Howett told Autosport magazine Yamashina was merely stating his personal position and the company remained committed to the sport.

"In Barcelona in 2006, we signed a non-binding agreement with the other manufacturers to stay in F1 until at least 2012," Howett said.

The team has not finished higher than second place in an F1 race since Toyota began its sponsorship in 2002 and scored only 13 points in last season's standings to finish sixth overall in the points standings behind champion Ferrari, BMW, Renault, Williams-Toyota and Red Bull-Renault.