F1 News, Views and Reviews

Honda Confirm F1 Exit

The Honda Racing F1 Team have today confirmed their exit from all Formula One activities commencing today.

The Japanese manufacturer, who had a large operation in Brackley, England, made the announcement to the suprise of everyone, and being one of the largest manufacturers involved in the sport have sent shockwaves through the paddock.

It was an announcement no-one expected, not least Ross Brawn, Jenson Button and Nick Fry.

Honda have admitted it was a very hard decision to make, and the reason they have taken it is because of the current financial and economic crisis.

An Official Statement Read:

“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.

“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 optimize 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.”

Keep tuned for more information and analysis.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s