This renewed agreement means that the current title sponsorship contract, which expires at the end of 2009, will be extended by three years to run from 2010 through to 2012 - the 10-year anniversary of Toyota's Formula 1 debut.

Tadashi Yamashina, Senior Managing Director for Motorsports at Toyota Motor Corporation and Team Principal for Panasonic Toyota Racing, said: 'I would like to extend my deepest thanks to Panasonic Corporation for continuing as our title sponsor, despite the particularly harsh economic climate.  The team will redouble its efforts this year in order to achieve its long-sought-after first victory.'