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."
Autosport
