Post by Just GLC™ on Dec 5, 2008 12:32:58 GMT -5
Honda quit F1
Honda have announced their immediate withdrawal from Formula One, the Japanese manufacturer's president and CEO Takeo Fukui confirmed on Friday morning.
"Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation," an emotional Fukui said at press conference.
"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."
Honda initially supported BAR with engines from 2000 to 2005 prior to becoming a team in their own right in 2006.
However, exactly seven months after withdrawing their financial support of Super Aguri - leading to that team's demise - Honda themselves are being forced to quit F1.
Earlier this year FIA president Max Mosley made it clear costs in F1 were spiraling out of control, claiming the sport was rapidly becoming "unsustainable."
Mosley has since urged teams to drastically reduce costs in order to survive, but the accelerated global economic downturn has only exacerbated the situation.
Team principal Ross Brawn and chief executive Nick Fry informed the other nine marques of Honda Japan's decision at a meeting in London on Thursday of the Formula One Teams' Association.
That was followed on Thursday evening when the 600 members of staff at the team's headquarters in Brackley, Northamptonshire, were told of the plans.
It is understood that if no buyer is found over the next few weeks, staff will be placed on three months' notice from January 1.
Given the current economic crisis, it is hard to envisage a buyer stepping forward, which would leave just nine teams and 18 cars lining up on the grid at the Australian Grand Prix on March 29.
"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% Honda-owned team commencing with the 2006 season," the CEO added.
"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," Fukui concluded.
With Honda's bombshell certain to send shockwaves throughout the sport, it begs the question as to which other teams might also be on the brink of following in their footsteps.
Mosley is due to hold a meeting of the World Motor Sport Council in Monaco next Friday ahead of the Gala Dinner that will officially see Lewis Hamilton crowned as champion.
It is a meeting certain to be one of the most crucial of his reign.
orange.planet-f1.com/News/Story_Page/0,16072,3213_4590842,00.html
shocked...
Honda have announced their immediate withdrawal from Formula One, the Japanese manufacturer's president and CEO Takeo Fukui confirmed on Friday morning.
"Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation," an emotional Fukui said at press conference.
"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."
Honda initially supported BAR with engines from 2000 to 2005 prior to becoming a team in their own right in 2006.
However, exactly seven months after withdrawing their financial support of Super Aguri - leading to that team's demise - Honda themselves are being forced to quit F1.
Earlier this year FIA president Max Mosley made it clear costs in F1 were spiraling out of control, claiming the sport was rapidly becoming "unsustainable."
Mosley has since urged teams to drastically reduce costs in order to survive, but the accelerated global economic downturn has only exacerbated the situation.
Team principal Ross Brawn and chief executive Nick Fry informed the other nine marques of Honda Japan's decision at a meeting in London on Thursday of the Formula One Teams' Association.
That was followed on Thursday evening when the 600 members of staff at the team's headquarters in Brackley, Northamptonshire, were told of the plans.
It is understood that if no buyer is found over the next few weeks, staff will be placed on three months' notice from January 1.
Given the current economic crisis, it is hard to envisage a buyer stepping forward, which would leave just nine teams and 18 cars lining up on the grid at the Australian Grand Prix on March 29.
"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% Honda-owned team commencing with the 2006 season," the CEO added.
"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," Fukui concluded.
With Honda's bombshell certain to send shockwaves throughout the sport, it begs the question as to which other teams might also be on the brink of following in their footsteps.
Mosley is due to hold a meeting of the World Motor Sport Council in Monaco next Friday ahead of the Gala Dinner that will officially see Lewis Hamilton crowned as champion.
It is a meeting certain to be one of the most crucial of his reign.
orange.planet-f1.com/News/Story_Page/0,16072,3213_4590842,00.html
shocked...
