Is BMW set to announce F1 exit?

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The BMW Sauber Formula One team may be ready to pull the plug on their racing effort in the pinnacle of motorsport. The German automaker has announced an important meeting at their Munich headquarters where the companies top brass will be present, including motorsport director Mario Theissen, chairman Norbert Reithofer and development director Klaus Draeger.

The meeting is set for 10am local time, and the media has been invited to be present.

And although nothing is official, speculation has it that BMW may be backing out and leaving the Sauber group on its own, once again. BMW's factory effort came when they bought the Sauber racing team in late 2005, and had their debut season in 2006.

And ever since the 2006 season they had been progressing up the constructors ladder, but the 2009 season has been devastating and are only eighth in the team standings with eight points, which may be the reason for their possible withdrawal.

We will keep you updated as more information becomes available.