HONDA – DESPITE PULLING OUT OF FORMULA ONE WITH IMMEDIATE EFFECT – WILL “HELP” A BUYER OF ITS BRACHLEY BASED TEAM.

HONDA – DESPITE PULLING OUT OF FORMULA ONE WITH IMMEDIATE EFFECT – WILL “HELP” A BUYER OF ITS BRACHLEY BASED TEAM.

Honda F1 Racing Team

To facilitate a takeover deal, Honda – despite pulling out of formula one with immediate effect – will “help” a buyer of its Brackley based team through the 2009 season.

That was the revelation on Wednesday of FIA president Max Mosley, as he spoke in Monaco at the Motor Sport Forum.

The Japanese carmaker Honda has already offered to assume any of the team’s debts, and then pass on the team and its impressive facilities to a buyer for a nominal fee as low as a single British pound.

Mosley confirmed to the Press Association: “If a serious buyer came along then Honda would help to keep it going.

“Any person would then be on their own in 2010, but they would get some help in 2009. That’s my understanding,” he said in Monte Carlo.

Former BAR chief David Richards earlier this week admitted his interest in the team, but said the “overheads” of such a previously well-funded operation are an obstacle.

But Mosley said Honda’s undertaking to help would make buying the team more viable.

“It becomes a reasonable proposition for an entrepreneur, providing he is satisfied we (the FIA) are going to get the costs down in 2010,” he added.

Previously the Honda Motor Company chief Takeo Fukui confirmed on Friday afternoon that the Honda is withdrawing ahead of the 2009 season.

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Below :- Last week statements.

Honda has confirmed their withdrawal from all Formula One activities. Honda Motor Company chief Takeo Fukui in Tokyo confirmed Friday afternoon that the Japanese manufacturer is withdrawing ahead of the 2009 season.

The following is the full statement from Honda President and CEO Takeo Fukui regarding the firm’s decision to pull out of Formula One…

Pit Stop

We, Honda Motor Co., Ltd., have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation.

This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis 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 economies around the globe continue to mount. 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.

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 percent 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.

Thank you very much.

Takeo Fukui
President and CEO
Honda Motor Co., Ltd.

Source:  F1-Live

HONNDA F1 RACING TEAM

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