Honda to pull out of F1

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lil eva · Posted: Fri Dec 05, 2008 11:21 am Post subject: Honda to pull out of F1

Honda will pull out of Formula One unless a buyer can be found by the end of the month, it said.

The decision means staff at the team's headquarters in Brackley, Northamptonshire, face redundancy.

It will also put British driver Jenson Button out of a job after nine years in F1 unless there is a late reprieve.

Honda Motorsport Corporation said it was pulling out of Formula One because of the global financial crisis.

Takeo Fukui, the chief executive of Honda Motors, announced at a news conference in Tokyo that the company would be willing to sell the team. However, if a buyer cannot be found they will withdraw from the 2009 competition, ending the Japanese car giant's nine-year involvement in the sport.

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