London, Dec 23 : Car manufacturer Toyota has reaffirmed their commitment to Formula One despite facing their first operating loss for 70 years.

The Japanese company is starting to feel the pinch of the global economic crisis and is predicting 1.7 billion dollars loss for the year to end-March.

John Howett, the principal of Toyota's Formula One team, has said that the carmaker will stay in the sport.

Although a deteriorating balance sheet had fuelled speculation that Toyota would like Honda pull the plug on its under performing and expensive team, The Times reported.

John Howett said: "I think we are managing the business properly . . . and I am confident that we will be there."

He said that Katsuaki Watanabe, Toyota's president, had reaffirmed the company's commitment to Formula One.

Toyota started competing in Formula One in 2002 and the sport is thought to have cost it about 2 billion pounds. It has so far failed to win a race. (ANI)