Jenson Button in 2007 Honda RA107
Honda is quitting Formula One because of the global economic crisis, it has announced. The decision leaves English driver Jenson Button without a drive with few places still available.
Sources at Honda had told the BBC that they were ‘optimistic’ the team could continue, but it has now emerged a suitable investor has not been found. Honda has spent an estimated £300m on F1 each year and has decided it can no longer afford to be involved in the sport. It will not supply engines to other teams.
The team had set a deadline of January to find backers but according to reports the workers at Honda’s Brackley base have been told to expect redundancy letters before Christmas.
‘Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation,' said Honda president Takeo Fukui at an emotional press conference.
'This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry... 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 economics around the globe continue to mount.’
According to Reuters, team bosses Ross Brawn and Nick Fry told a meeting of the Formula One Teams' Association: 'They have a month to find a buyer, otherwise they are closing the team.'