PARIS (AFP) — Honda on Friday announced its shock withdrawal from Formula One raising fresh fears over the future of the multi-million dollar sport struggling to keep afloat in the current economic downturn.
Honda Motor president Takeo Fukui made the announcement at an emotional press conference in Tokyo, apologising to fans, staff, drivers and F1 authorities.
"This is a complete withdrawal. The future is a blank sheet," he said. "Five years from now, I think history will show we made the right decision."
The decision shocked the sport which had already seen backmarkers, and fellow Japanese team, Super Aguri go the wall earlier this year.
It also sparked new calls for the glamour sport to slash its mind-boggling budgets while the remaining Japanese team, Toyota, hurried out a statement pledging their future to the championship.
"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," Fukui added.
Honda Racing CEO Nick Fry , however, said he was hopeful that new owners would be found in time for the team to be on the grid for the start of next season in Australia on March 29.
Formula One: Honda exit casts cloud over F1 future....
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