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Honda confirms F1 departure.

Honda has officially confirmed that it is to withdraw from all Formula One activities with immediate effect, with the Brackley-based Honda Racing F1 Team being placed up for sale.

With the global economic climate leading to falling car sales around the world, the Japanese manufacturer has confirmed that it is no longer prepared to meet the costs of running a Formula One team – with Honda reported to be the biggest spenders on the grid.

Honda president and CEO Takeo Fukai confirmed an immediate pull-out from F1 as the company seeks to protect its interests, admitting that a recovery from current market issues would 'take some time'.

"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount," he said. "A recovery is expected to take some time.

"Under these circumstances, Honda has taken swift and flexible measures to counter this sudden and expansive weakening of the marketplace in all business areas. However, in recognition of the need to optimise the allocation of management resources, including investment regarding the future, we have decided to withdraw from Formula One participation.

"We will enter into consultation with the associates of Honda Racing F1 Team and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale.

"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies."

After returning to F1 in partnership with BAR, Honda confirmed that it was acquiring the team at the end of 2005 with Honda returning to the grid in its own right in 2006.

Joining the likes of Ferrari, Renault, Toyota and BMW as a fully-fledged manufacturer team, Honda finished fourth in the constructors' championship and took a first win in Hungary with Jenson Button – but then went into an alarming decline in 2007.



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Munro Gow

December 05, 2008 6:19 AM

it was bound to happen to one team but didnt think it was going to be Honda. Sad state of affairs but doubt Mad Max and the wee troll will drop their crap way of running things, if anything you can see MM go all out to get his standard engine forced through and for BE to weild the axe on a few more GPs. This could very well be the first part of the downfall of F1 as it is now. The economic crisis might be Hondas reasons but i'm just as happy to point the finger of blame in MM and BEs direction as well for their arrogant dictorial ways of running things.

F1init - Unregistered

December 05, 2008 8:29 AM

Max the Perv Mosley has spoken this morning and says the FIA have written to F1 teams. Max's S&M fiasco damaged F1, whilst he talks of money problems in F1 can he look at the cost of the damage having him heading the FIA. Can Max and Bernie then tell us how many billions of $ Mr and Mrs Ecclestone have made off the back of F1 and the TV rights and how much Bernie has put Max's way. The problem is that the wealth made from F1 has not been fairly distributed! C'mon Bernie where is all the money? more in your off shore acounts than in any F1 team :blush: MAx and Bernie should be ashamed today! Max should be fired and Bernie should put some money back from whence it came :)



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