WOW! Holy shrinking yen, Batman!
Honda has just dropped another bombshell on the F1 community by announcing that it will close down its Brackley based operation if a new suitor isn’t found within the next three months.
Reports of this shocking announcement were spotted all over the internets late Thursday afternoon, while awaiting Honda’s confirmation in Tokyo this Friday morning, as this is apparently another net result of the widening global economic crisis.
Recently, It had been reported in the UK’s Financial Times that Honda Racing F1 spent an astonishing $148 million during the 2007 F1 season, (with only $7m coming from sponsorship) an increase in budget of 22% and with the news of its 32% drop of automobile sales, and no other major entities to shed, along with the squad’s dismal performance the past two seasons, it only makes sense to pull the plug upon this money loosing proposition.
Thus, Honda will once again leave the Formula 1 arena, divesting itself of the ex BAR-Honda entity it took control of in 2005, and will not provide engines to whomever the teams new suitor may be, having to rely upon Ferrari lumps instead. Yet, could backing be secured from the relatively oil rich Middle East, which now has two Grand Prix’s on the calendar...
It’s Official! Honda to quit F1