Honda Pulls Out of F1 Championship Due to Economic Crisis

Those who believed that the glamorous world of Formula One motor racing would remain immune from the global economic were apparently mistaken. On Friday, 5 December, Honda CEO and President Takeo Fukui announced the company's withdrawal from all Formula One activities, making 2008 the last season of participation. The Japanese automaker blamed the world economic crisis for plans its decision to quit and, as Fukui revealed, to sell the F1 team.

"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," said Honda president Takeo Fukui.

"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," he added.

Honda's somewhat shocking withdrawal from the F1 championship also leaves its two star drivers, Jenson Button and Rubens Barrichello, without a team for the 2009, with only a few seats still available for the season.