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Old 12-04-2008, 07:49 PM   #1
ljaviation
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Default Honda out of F1 if buyer not found.

Just reported from CNBC World. Honda out of F1 if buyer not found.
Don't know if this has been posted, just heard it myself.
L J
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Old 12-04-2008, 08:51 PM   #2
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Byer for what? the team?
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Old 12-04-2008, 08:53 PM   #3
ljaviation
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As I understand it. Yes.
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Old 12-04-2008, 08:53 PM   #4
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Probably the team/program. Good, they haven't been good in a long time, its pretty much a Ferrari v. McLaren anyways, with a little BMW and Renault thrown in now and then.
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Old 12-04-2008, 08:56 PM   #5
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I can only assume economic slowdown and cost to run the team.........
L J
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Old 12-04-2008, 09:06 PM   #6
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Still rumors from what's being reported in the media. Would be quite a shocker though. Kind of strange, they hired Ross Brawn to come in and shake things up and now they are getting out all together?
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Old 12-04-2008, 11:18 PM   #7
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Originally Posted by Scooby-Doode View Post
Still rumors from what's being reported in the media. Would be quite a shocker though. Kind of strange, they hired Ross Brawn to come in and shake things up and now they are getting out all together?
No, it's basically a done deal and will be made official right about...well...






...now-ish?
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Old 12-05-2008, 02:07 AM   #8
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It's official

http://en.f1-live.com/f1/en/headline...05072312.shtml

As expected, Honda Motor Company chief Takeo Fukui in Tokyo confirmed on Friday afternoon that the Japanese manufacturer is withdrawing from formula one ahead of the 2009 season.

He said the decision was taken as a result of the prevailing conditions in the automotive sales sector, including a near-unprecedented decline of more than 30 percent in its biggest market, the United States, last month.

"Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation," Fukui stated. "This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the subprime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies."

Fukui also revealed that Honda will not even remain involved in F1 as an engine supplier, despite attempts to sell the Brackley based team as a going concern before the 2009 season commences in late March.

Instead, it is understood that Honda team boss and former Ferrari technical director Ross Brawn has arranged that ant potential buyer of the Brackley outfit will be powered by 2.4 litre Ferrari V8s. 2008 constructors' world champions Ferrari have the capacity to supply an extra team next year, given the switch of customer partner Force India to Mercedes power.

According to early speculation, one potential buyer of the team could be Dubai International Capital (DIC), which came close to buying Super Aguri when Honda pulled its support for the satellite team earlier this year.
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Old 12-05-2008, 05:30 AM   #9
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Originally Posted by erich_sc View Post
"Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation," Fukui stated. "This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the subprime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies."
This type of lending was NOT exclusive to the United States, Mr. Fukui.

Spain, Ireland, Iceland, England -- just to name a few nations where personal and banking debt-to-asset ratios FAR exceeded those in the US.
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Old 12-05-2008, 08:33 AM   #10
AVANTI R5
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Default Honda quits Formula One to cut costs


Honda Motor President Takeo Fukui


Quote:
TOKYO -- Honda Motor pulled out of Formula One racing Friday to save more than $978 million a year as it scrambles to cut costs amid the global market meltdown.
President Takeo Fukui is looking to sell the team and won't field a car when the next F1 season starts in March. The company also won't supply engines to other teams.


The 350 engineers working on Honda's F1 project will be transferred to other duties, including the development of environmentally friendly hybrid drive trains, Fukui told reporters.


"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry," Fukui said. "Honda must protect its core business."


Honda has cut jobs in Japan, reduced production and lowered its profit forecast in the face of the global credit crisis and falling sales. Fukui said it costs 20 billion yen ($978 million) a year to operate the F1 team, not including costs for developing the engine and body.



Honda finished ninth of the eleven teams in the F1 constructors' championship last season and has suffered a dearth of checkered flags since it returned to the racing series in 2000, logging only one first-place finish.
http://www.autonews.com/article/2008...812059997/1117
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Old 12-05-2008, 08:34 AM   #11
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As expected, Honda Motor Company chief Takeo Fukui in Tokyo confirmed on Friday afternoon that the Japanese manufacturer is withdrawing from formula one ahead of the 2009 season.
He said the decision was taken as a result of the prevailing conditions in the automotive sales sector, including a near-unprecedented decline of more than 30 per cent in its biggest market, the United States, last month.
Fukui also revealed that Honda will not even remain involved in F1 as an engine supplier, despite attempts to sell the Brackley based team as a going concern before the 2009 season commences in late March.
Instead, it is understood that Honda team boss and former Ferrari technical director Ross Brawn has arranged that a buyer of the Brackley outfit will be powered by 2.4 litre Ferrari V8s.
2008 constructors' world champions Ferrari have the capacity to supply an extra team next year, given the switch of customer partner Force India to Mercedes power.
According to early speculation, one potential buyer of the team could be Dubai International Capital (DIC), which came close to buying Super Aguri when Honda pulled its support for the satellite team earlier this year.
See press release below for Fukui statement.
Source: GMM
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