The dramedy that is Formula One racing has taken more twists and turns since Bridgestone Corp. said it would stop supplying tires to the so-called world championship series after next season.

In rapid succession, Pirelli, Michelin and Goodyear claimed no interest in taking on producing and supplying race slicks to the series, and speculation swirled around brands like Kumho and Hankook as alternatives.

Then Toyota and Renault followed the lead of Honda and BMW and announced they were leaving the troubled series (Toyota is staying through 2010). With Brawn GP, the winning 2009 season manufacturer, in financial trouble after loosing both Honda and Virgin money, the departures of four major automakers will leave F1 with Ferrari and McLaren-Mercedes as the only financially stable name players.

Certainly the global economic meltdown has played a major role in the sudden sharp decline in F1’s status, but some have speculated that the F1 Circus – replete with oddball personalities like ex-FIA chief Max Mosley, whose sex hobbies made world news last year, and F1 leader Bernie Eccelstone, whose guidance seems more oriented to lining his already well-lined pockets (Bernie controls all aspects of the series’ TV coverage, and plays a significant role in assigning races to cities and countries) – are driving away carmakers and sponsors, who may be more than reluctant to support the series.

Despite all of this, four new teams are slated to join the series in 2010, including the first all-U.S. team in decades. They will all enjoy riding on Bridgestone radials next season, but is a tiremaker doesn’t step up soon (given the amount of development, testing and planning time necessary to supply a global series), the remaining race teams may find themselves dialing up Tire Rack.