Honda Pulling out of F1
Cold wind of global recession continues to blow as the latest victim, Honda has announced to pull out of F1 car racing sports. Honda, which spent more than 300 million pounds a year on F1, said it would also stop supplying car engines to F1 sports.
“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,” he added.
“Honda must protect its core business activities and secure the long term as widespread uncertainties in the economics around the globe continue to mount.”
They have been desperate in finding a buyer, with the deadline is set to be before January. This also leaves F1 drivers Jenson Button and Rubens Barrichello thinking whether they should stay put or leave for another F1 teams.
