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.
This entry was posted on December 5, 2008 by f1fanatics. It was filed under F1 Business, F1 News, Former F1 Teams, Honda and was tagged with Bruno Senna, Honda, Honda F1 Team, Honda Leave F1, Jenson Button, Nick Fry, Ross Brawn, Rubens Barrichello.