FORMULA 1 TO LOSE HONDA

The economy crisis is biting into Formula 1, the most costliest sports to organize. Will this be a start of more teams pulling out of the competition or will the authorities push for the single engine for all teams proposal? I had given my opinion that they should not integrate the whole sports into a single engine as this will make everything monotonous. We might as well have one team having many drivers. No difference.

Honda Pulls Out of 2009 F1 Competition

TOKYO: Japanese automaker Honda has pulled out of Formula One, citing a slowdown in the global economy.

”We have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation,’’ Honda CEO Takeo Fukui told a news conference Friday.

Fukui said the deteriorating world economic conditions led to the decision. ”This difficult decision was made in light of the quickly deteriorating operating environment facing the global auto industry brought on by the sub-prime problem in the United States, the deepening credit crises and the sudden contraction of the world economies.’’

He said the company would be willing to sell the team. ”We will enter into consultation with the associates of the Honda racing team and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale.’’

A pullout by one of the world’s biggest car manufacturers will send shock waves through F1, which could start the season with only 18 cars on the grid. Japanese team Super Aguri, which was backed by Honda, pulled out of F1 this year. The season opens at the Australian Grand Prix on March 29. - AP