Honda quits from Formula 1 - Put Honda F1 Team for Sale

Honda on Friday, 5th December 2008 have announced that they are quitting from Formula One and they will no longer in the race that means Honda F1 team on sale, actively involved in motorsport since 1960.

Japanese giant car-maker Honda's chief executive, Takeo Fukui, announced the shocking news of Honda's retirement from F1 at the company's headquarters in central Tokyo, Japan.

Dramatic slump in car sales world wide due to golbal financial crisis has forced Honda Motor Co Ltd to pull out the plug spending over £200 million per year on Formula One - F1 operation.

Honda's sudden retirement from F1 left the two Honda drivers, Jenson Button and Rubens Barrichello for the next season along with unemployment for the 600 employees located at Honda Racing headquarters in Brackley, Northamptonshire. Honda Racing chief executive Nick Fry has confirmed three overseas parties have expressed an interest in a potential buy-out, most likely from the Middle East.

Meanwhile another Japanese giant Toyota confirmed his continuation for Formula 1.