F1 Updates: BMW seeks new buyer, FIA re-opens selection process, Renault granted appeal, etc.

It's anything but business as usual this year in Formula One, and this past week has been no exception, with one team scrambling to secure its future, another receiving the go-ahead to continue racing, and others re-submitting applications in the hope of joining the grid for next year.

First up is BMW, which announced it would be withdrawing its support from the Sauber team at the end of this year. After the team's eponymous founder failed to put the cash together to buy his team back from the Bavarians, the outfit is going ahead with its program to launch successive updates to its current car for Valencia this coming weekend and Singapore later this season in to demonstrate its capabilities in the hope of finding a new buyer before the season's out.

The FIA isn't holding its breath, however, and has informed seven outfits that submitted so-far unsuccessful bids to participate in F1 next season that there'll be another spot opening up on the grid for next year. In addition to BMW Sauber, reports suggest that Epsilon Euskadi and Prodrive are vying for the spot.

Meanwhile the Renault team has been given the green light to race at Valencia after successfully appealing the ban imposed on the team at the last grand prix for a loose wheel nut. The team will have to pay a $50,000 fine, whiole newcomer Romain Grosjean is confirmed to replace Nelsinho Piquet and partner Fernando Alonso.

As for Felipe Massa, the injured Ferrari driver currently recovering, the latest reports indicate that while he could be ready as soon as the Italian Grand Prix – the home race for his team – he'll more likely wait until the later race in his home country of Brazil to make his comeback.