Panis Retires from Racing, Stays at Toyota as Tester

Frenchman Olivier Panis has today announced that he is to retire as a Formula One race driver after the 2004 season.

However, Panis has signed a new two-year deal with the Toyota Formula One team, which will see the 38-year-old Frenchman become the team's third driver from next season.

"My decision to retire as an F1 race driver has come after some months of deep thought, but I am proud that Toyota has decided to retain my services," said Panis. "I have a strong relationship with everyone at Toyota and I am pleased to be able to continue my work as a representative of the team both on and off the track.

"I am looking forward to helping the team move further up the grid and I am confident that together we will reap the rewards of our combined efforts over the last two years."

Panis will conduct testing duties in 2005 and 2006, as well as corporate promotional activities for the team. Additionally, the team said the Frenchman will adopt an advisory role for Toyota's young drivers programme, the Toyota Drivers' Academy.

"We are very pleased that Olivier has accepted our offer to stay with Panasonic Toyota Racing for an additional two years," said team principal Tsutomu Tomita. "His input to our team has been invaluable and we see Olivier's future role with the team as crucial to our further development. His excellent technical feedback will be highly beneficial in a testing role. He will also take part in PR and marketing activities for the team.

"With over 150 GPs of experience as a race driver, he will also act as our reserve driver in case either of our race drivers cannot participate in a GP weekend. Together, I am sure that we can celebrate success in the coming years."

Panis made his Formula One debut in 1994, has taken part in 155 Grands Prix and has won one of them.

Toyota also said they have not yet finalised their complete driver line-up for 2005, but were confident on announcing Ralf Schumacher's partner soon.