The Global Financial Crisis has claimed its latest motorsport scalp with Mitsubishi quitting its Dakar Rally program. The withdrawal goes further and brings an end to Mitsubishi’s involvement in all cross-country rally events.
Mitsubishi Motors Corporation says the global economy has forced them to tighten their belts.
Brief statement below.
More news to shock to the motorsport world with confirmation that Subaru has pulled out of the World Rally Championship, with immediate effect.
Speaking at a press conference on Tuesday, Chief Executive of Fuji Heavy Industries (Subaru’s owner), Ikuo Mori said, “Our business environment has changed dramatically due to the rapid deterioration of the global economy.”
“In order to optimise the management resources and to strengthen the Subaru brand further, Fuji Heavy decided to withdraw from WRC activities at the earliest time,” an emotional Mori explained.
Subaru’s latest rally car only made its debut in May, at the Acropolis Rally in Greece. The company has a strong and loyal following in the WRC and it draws heavily on its rallying heritage to promote its brand. Subaru’s withdrawal leaves just two major manufacturers chasing the world title in 2009. Suzuki also quit the WRC earlier this week. Now, only Citroen and Ford remain with factory backed teams. It will be fascinating to see how the WRC copes with these latest developments.
Australia’s Chris Atkinson now joins Jenson Button in looking for a drive, after Honda’s withdrawal from Formula One.
Factory backed racing teams seem to be dropping like nine pins. With the US Government keeping its auto industry on life support, it begs the question, will Ford be next?
UPDATE: Statement from SWRT website can be read below.
UPDATE (17 December): Statement from Subaru Australia has been added to the end of this article.
Source: Reuters & Subaru World Rally Team
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