By PA SportsTicker
Honda will withdraw from Formula One unless a buyer can be found
by the end of the month, the Honda Motorsport Corporation
confirmed in a statement on Friday.
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 it will withdraw
from the 2009 competition, ending the team's nine-year
involvement in the sport.
Honda initially supported BAR with engines from 2000 to 2005
prior to becoming a team in its own right in 2006.
However, exactly seven months after withdrawing its financial
support of Super Aguri - leading to that team's demise - Honda
themselves are being forced to quit.
In a statement, 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 said.
"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."
Given the current economic crisis, it is hard to envision a
buyer stepping forward, which would leave just nine teams and 18
cars lining up on the grid at the Australian Grand Prix on March
29.
Honda's decision comes as a bolt out of the blue, just two weeks
after it took part in a test in Jerez where it ran the rule over
two prospective new drivers in Lucas di Grassi and Bruno Senna,
the nephew of former champion Ayrton Senna.
It now means Jenson Button is out of a job after nine years in
F1 unless there is a late reprieve.
Rubens Barrichello, who partnered with Button last season, was
already uncertain of his future after 16 years in F1 as he was
without a confirmed drive for 2009.
But, the Briton has joined the Brazilian in seeking employment
elsewhere following Honda's bombshell, which is certain to send
shockwaves throughout the sport.
Team principal Ross Brawn and chief executive Nick Fry informed
the other nine marques of Honda Japan's decision at a meeting in
London on Thursday of the Formula One Teams' Association (FOTA).
That was followed Thursday night when the 600 members of staff
at the team's headquarters in Brackley, England were told of the
plans.
Honda had a solitary Grand Prix victory to its name, when Button
triumphed in Hungary in 2006, and Fukui admitted his regret that
the team failed to add to that success in its third stint in
Formula One.
"Surmounting many challenges, the Honda Team achieved a Grand
Prix victory in 2006, enabling Honda to receive overwhelming
support from Honda fans around the world that were looking
forward to greater success," he said.
"It, therefore, has been an extremely difficult decision for us
to come to this conclusion without having been able to fully
meet the expectations of our fans."
Honda Motor Corporation are dealing with faltering sales
worldwide and the Formula One team is not the only casualty.
On Thursday, 490 temporary employees were told they would be
laid off at the end of January, while last month 270 temporary
employees were informed their contracts were not being renewed.
Japan-based Toyota Motor Corporation - also owners of a Formula
One team - are also struggling, with production to cease at all
five of its factories in Tomakomai, Hokkaido on December 25.
It will be the first time in 15 years Toyota has closed a plant
to cut production.
Earlier this year FIA president Max Mosley made it clear costs
in F1 were spiraling out of control, claiming the sport was
rapidly becoming "unsustainable".
Mosley has since urged teams to drastically reduce costs in
order to survive, but the accelerated global economic downturn
has only exacerbated the situation.
Mosley is due to hold a meeting of the World Motor Sport Council
in Monaco next Friday ahead of the Gala Dinner that will
officially see Lewis Hamilton crowned as champion.
It is a meeting certain to be one of the most crucial of his
reign.