Toyota in Talks to Buy Fuji Circuit

Toyota Motor Corp, which plans to enter Formula One racing from the 2002 season, is in talks to buy a major stake in Fuji International Speedway, scene of two F1 races in 1976 and 1977, Toyota said on Friday.

Japan's largest carmaker said it was in talks to buy Mitsubishi Estate Co Ltd's 80 percent stake in the circuit, at the foot of Mount Fuji.

The track is near Toyota's Higashi Fuji technical centre, its core research centre where it develops racing engines. Toyota currently has no racing circuit.

Rival Honda Motor Co Ltd, Japan's second biggest carmaker, has two race tracks in Japan -- Suzuka Circuitland Co Ltd in Shiga, western Japan, and Twin Ring Motegi Co Ltd in Tochigi, about 80 km (50 miles) north of Tokyo.

The Suzuka circuit has been home to the Japan's F1 grand prix every year since 1987, including this weekend's showdown between Germany's Michael Schumacher and defending champion Mika Hakkinen.

"We are in talks with Mitsubishi Estate to buy stakes in Fuji International Speedway but cannot unveil any other details at this moment," a Toyota spokeswoman said.

Fuji Speedway is also owned 20 percent by Japan's Taisei Corp, a general contracting company.

Toyota will enter F1 in the 2002 season for the first time in its history, while Honda returned to F1 in the 2000 season after leaving F1 in 1992.