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Motorsport's ruling body, the FIA, reacted with disappointment Wednesday to the news that German carmaker BMW is pulling out of the sport at the end of the 2009 season, blaming the global recession for the decision.

'It has been clear for some time that motor sport cannot ignore the world economic crisis. Car manufacturers cannot be expected to continue to pour large sums of money into Formula One when their survival depends on redundancies, plant closures and the support of the taxpayer,' said the organization in a statement.

BMW chairman Norbert Reithofer announced the news of the company's withdrawal from the sport earlier Wednesday at a press conference at the carmaker's headquarters in Munich.

'The board decided yesterday that we would change our involvement in motorsport. The BMW group will end its involvement with Formula One at the end of the 2009 season,' said Reithofer in the company of BMW-Sauber team principal Mario Theissen.

'Obviously, this decision was a difficult one for us.'

According to the Bild Zeitung newspaper, Japanese carmaker Toyota is also considering pulling out of the sport while Honda withdrew at the end of last year.

FIA has argued that it is addressing the problems and pointed to the new cost-cutting measures introduced this season as well as the Concorde Agreement set to be signed later this week.

'These measures were needed to alleviate the pressure on manufacturers following Honda's withdrawal but also to make it possible for new teams to enter,' it said.

'Had these regulations not been so strongly opposed by a number of team principals, the withdrawal of BMW and further such announcements in the future might have been avoided.'