In dramatic news Honda is set to withdraw from Formula One. While news still filters in this decision is confirmed the team could be gone before Christmas. The Japanese manufacturer is frantically looking for a buyer, but if one can’t be found they will simply close the doors and wind the team up. No doubt, if this does happen, that Ross Brawn will be snapped up very quickly by rival teams, with the ex-Ferrari man already linked to a move back to Maranello. However, the future of driver Jenson Button, as well as the 750-strong Brackley-based team employees, may be less bright, in the short term at least.
It is reported that the Honda F1 Team spends around AU$450 million (£200M) financing their team, and with the global financial crisis hitting car manufacturers hard, you can see why Honda may be starting to count their pennies.
BBC Radio 5 Live’s F1 commentator, David Croft, quoted on the BBC website, says, “This has serious implications for F1, not just because there will be only 18 cars on the grid. It’s the start of the sport as a whole feeling the pinch. Williams are reported to be in financial difficulties, Toyota are trimming down their budget as well.
“Bernie Ecclestone has some serious thinking to do in the next few weeks.”
He added, “Honda spend around £200m annually and had invested heavily in next year as well, including bringing in Ross Brawn as their team principal, the man who masterminded seven world titles for Michael Schumacher.
“But they are a car company whose sales have dropped by 41% in the last quarter, they’re closing their Swindon factory for two months at the start of next year, and obviously feeling the pinch on a global scale.
“If no buyer is found by March, the Honda team will cease to exist in F1.”
There are suggestions, however, that Honda may let the team be sold for as little as £1 if an appropriate backer can be found. (Such a sale would offer the witty adaption of the Honda F1 Team tag line “Powering dreams one pound at a time”.) Other possibilities could see Honda act as an engine supplier only. It is believed Honda will release a press statement detailing their plans sometime around 4pm today (AEDST).
The 2009 season starts on 29 March in Melbourne.
UPDATE: An anonymous quote reported to Associated Press leaves Honda’s desire in no doubt, “Their intention is to pull out entirely — as an engine supplier and sponsor. It’s a shock. I think this came as a total surprise to everyone. No one in the UK was aware of this decision before Thursday night.”
News is being constantly updated via the BBC link below, stay tuned for latest developments.
Source: BBC, autoposrt.com and AssociatedPress
