The end of Honda and Formula One

The credit crisis has been hitting auto manufactures hard, as their stocks tumble; this has now spread to F1. There are reports that Honda F1 has now pulled out of the sport, and are looking for a buyer. This is a huge blow to the sport, as Honda has been in the sport for many years, not only as a team but also an engine supplier.

There are those who believe that Honda’s decision to pull out of F1 could cause significant damage to the company. This pullout now leaves drivers, Jenson Button and Rubens Barrichello without a drive for the 2009 Formula One season. Honda Racing’s 600 staff at the team’s headquarters in Brackley, Northamptonshire, now faces unemployment.

Top Formula one teams such as Ferrari, McLaren and Toyota face £200 million per year costs, to keep their cars on the track, Honda has always said that the money is worth it, but the current credit crisis has forced them in to this decision.

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