Honda announced their immediate withdrawal from Formula One on Friday 5 December citing the ‘deepening credit crisis’ and the deteriorating operating environment facing the global auto industry. The decision puts 750 jobs, based at Honda’s Brackley factory, at risk unless a buyer can be found before January.
The management team are highly confident that a buyer can be found and believe it is a fantastic opportunity for someone to step into what will be one of the most competitive teams in F1 next year. Commercially the team is also in a strong position having already signed one new major multi-national company as a technical partner for the long-term and is in advanced discussions with three major new sponsors, two of which are considering investing in Formula One for the first time.
