Ralf signs with Toyota

It has been thought for some time that Schumacher would join the Cologne-based team after he failed to agree terms with Williams during contract negotiations.

"It is with pleasure that we can announce Ralf as one of Toyota's race drivers for the 2005 season," said team boss Tsutomu Tomita. "He has proven himself to be an extremely quick racing driver in his career, and I am sure that his vast experience will be extremely beneficial to our team."

Schumacher admitted joining Toyota would be a challenge, but he insists he was not motivated by money.

"I've chosen the future," he said. "I know you can't buy success and I also know that Toyota cannot become an overnight success but I can promise I will put all my energy and patience into what they ask of me. When I think I'm going to be at the heart of Toyota's long-term project for the world title I start to have stomach cramps."

"I've earned so much money I don't have any worries about the future. Money has never been what motivated me in Formula 1."

Toyota has not confirmed who will line up alongside Schumacher in the team next year, but said that its two current drivers Oliver Panis and Cristiano da Matta were being considered.

"We have not finalised who will partner Ralf in 2005, and this is something we are in no rush to decide on," added Tomita. "We are happy with the job that Cristiano and Olivier are doing for us and both of them are under consideration for the remaining race seat next season."

Williams team boss Frank Williams wished Schumacher well after six years with the team. "Ralf has made a steadfast contribution to the team over the past five years, with some truly spectacular high points," he said. "We fully respect his decision to pursue his future career with another team, and we wish him well in his new endeavours."

BMW's Motorsport Director Mario Theissen added: "Continuity is of course a factor for success in the fast business of Formula 1. This is also true for the driver line-up. But, by the end of 2004, Ralf Schumacher will have been at WilliamsF1 for six years. It is therefore quite normal for a driver to think about a change."

Team-mate Juan Pablo Montoya also leaves the team at the end of the year after signing a two-year deal with McLaren.