Honda to quit F1
Honda will pull out of Formula One unless a buyer can be found by the end of the month, the Honda Motorsport Corporation confirmed in a statement today.
Takeo Fukui, the chief executive of Honda Motors, announced at a news conference in Tokyo that the company would be willing to sell the team, but if a buyer can not be found they will withdraw from the 2009 competition, ending the team's nine-year involvement in the sport.
"We, Honda Motor Co., Ltd., have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation," said Fukui in a statement.
Honda initially supported BAR with engines from 2000 to 2005 prior to becoming a team in their own right in 2006.
However, exactly seven months after withdrawing their financial support of Super Aguri - leading to that team's demise - Honda themselves are being forced to quit.
Fukui announced the decision was made in light of the global credit crisis to preserve Honda's core business activities.
"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," he added.
"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount. A recovery is expected to take some time.
"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."
