F1 - good bye Honda

[TJ]

http://news.sky.com/skynews/Home/Business/Honda-Pulls-Out-Of-Formula-One/Article/200812115172879?lpos=Business_First_Home_Article_T easer_Region_0&lid=ARTICLE_15172879_Honda_Pulls_Out_Of_Formula_On e

Oh deary deary me

Several years, billions of dollars, and for what?

To be found to be cheating, and to fluke a win.

Unlucky for Jensen, but at least Rubens doesnt go out being dumped.

[Lonewolf]

going to have to change their entire advertising campaign, as its lately been focused around their F1 racing

[adrenalin]

Honda - power of broken dreams

[TJ]

Honda confirms immediate F1 pull out

By Jonathan Noble Friday, December 5th 2008, 05:13 GMT

Honda have announced their immediate withdrawal from Formula One, the Japanese manufacturer's president and CEO Takeo Fukui confirmed on Friday morning.

After a night of frenzied speculation about the future of the Honda Racing team, Fukui told a hastily called press conference in Tokyo that difficult financial conditions had forced the company to make the decision.

"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount," he said. "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."

Autosport.com understands that Honda Racing team principal Ross Brawn and CEO Nick Fry are due to fly to Tokyo on Monday for talks with the Japanese chiefs about the future.

Sources suggest that Honda chiefs have been told that the team will be funded only until March - giving them three months to find a new buyer before they are shut down.

It is understood staff have been told that potential buyers have already been lined up, with Brawn already focused on securing an engine supply deal with Ferrari to try and keep the team in F1.

Fukui admitted that the withdrawal decision had been a hard one to take - especially as Honda had taken a victory as a car maker in 2006 and had already invested a huge amount of money in bidding to return to the top under the leadership of Brawn.

He added: “In its third era of Formula One activities, Honda has been participating in Formula One races from the 2000 season, initially with BAR, by adopting a new format of jointly developing racing machines. Subsequently, in a move to meet the changing environment surrounding Formula One, we switched to running a 100% Honda-owned team commencing with the 2006 season.

“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.

“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.

“By making the best of what we have learned during these times of economic turmoil, coupled with the spirit of challenge gained through active participation in racing, we intend to continue with our commitment in meeting new challenges.

“Finally, we would like to take this opportunity to sincerely thank our fans and all those who have supported Honda's Formula One efforts, including everyone in the world of Formula One."

[space]

ouch..honda fan boys not happy.

[Sully]

so where are the drivers going to end up? i'd be surprised if they didn't line up for the seat at toro rosso. force india still have a seat available don't they? barrichello is gone anyway but button and senna were pretty much lined up there anyway weren't they?

[TJ]

Jensens ego would need to take a massive cut - Torro Rosso want sponsor money, not guys who ask way too much for what they achieved.

Bourdais should keep his spot.

[redline07]

Imagine someone would be keen to sign Brawn up.

[V70R]

About time !

[Saf]

I doubt its only the current economic situation.

Max and Bernie, havent done much cept rape and pillage the cake that is F1, and many people are unhappy.

Ferrari next ?

[onejayzee]

Sad to see actually, even though I've never praised them. The more competition between teams, the better.

[Sully]

if more teams pull out then i wouldn't be surprised if that rival racing league that various teams have been threatening to pull together happens.

what i really don't get is that the heads of the sport are hammering away about cost cutting yet so many gp's are disappearing because the cash demands from ecclestone and co are so high. pot, meet kettle!

[rxsevengt]

Sad to hear, Considering they never really got back to the success they had with McLaren, That partnership splitting cost them both dearly for a long time.

[SINISTR]

They will be back one day...

[MaTMaN]

Looks like some loco gringo has some money!

http://www.foxsports.com.au/story/0,8659,24849557-23770,00.html

Arriba! Arriba! Andale! Andale

[TJ]

Until its confirmed on F1.com and/or autosport I wont make that 100%

He is a personal sponsor of Senna as it is, but to buy a team just to give the kid a ride?

Hmmmm

[MaTMaN]

Until its confirmed on F1.com and/or autosport I wont make that 100%

He is a personal sponsor of Senna as it is, but to buy a team just to give the kid a ride?

Hmmmm

True. Not a fan of Honda anyhow :D

[Sully]

the mexican and david richards/prodrive are the two front runners to take the team and there is allegedly another in the mix but this is the first i've head that a deal has been done. i've not seen that news anywhere else either so i'm not convinced.