The demise of Honda F1 racing

hondapreviewHonda have announced their departure from the sport.

Statement by Takeo Fukui, President and CEO, Honda Motor Co., Ltd.

We, Honda Motor Co., Ltd., have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation.

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.

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.

Some quick facts about Honda Racing team

Honda team was created in 2006 after BAR team was taken over. Team finished fourth in 2006 constructors’ championship but struggled to eighth in 2007 and ninth in 2008. Team costs Honda £200m annually with more than 800 staff. Also, Honda ran F1 cars with minimal advertising, meaning more funding had to come from Japanese parent company. The team drivers for 2007 were Rubens Barrichello and Jenson Button, the latter scored the first and only victory for the team in 2006. Honda’s home track is Suzuka which is back on the calendar for 2009 season. The F1 headquarters for the team are based in Brackley, United Kingdom. The team principle is Ross Brawn, the man famed for his work with Ferrari in Schumacher’s era.
Honda launched Earthdreams project early this year – a global cause related marketing program inspired by the Honda Racing F1 Team

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