The remaining members of the Formula One Teams' Association have said they are hopeful that a buyer will be found for the Honda Racing F1 Team after it was placed up for sale yesterday [Friday].

Should no buyer be found for the team, then Honda has already said that the Brackley-based squad would be closed down, which in turn would reduce the number of cars on the grid to 18 - down from the 22 that had started 2008.

However, a statement issued by FOTA - which had counted Honda amongst its members - said the group hoped that some would step in to save the team.

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"The Chairman of FOTA, Luca di Montezemolo, has been informed by the top management of the Honda Racing F1 Team of the decision to retire from the FIA Formula One Championship in 2009," the statement read.

"FOTA wishes that the technologically advanced expertise of the team based in Brackley is not dispersed and that the sporting challenge is resumed soon.

"Chairman Montezemolo, interpreting the feeling of all FOTA Members, expressed his greatest appreciation for the professional and human qualities of Ross Brawn, Honda team principal, and Nick Fry, Honda Racing F1 team CEO."