Do you fancy running a F1 racing team? Honda formular 1 team up for sale

Posted by admin on 5 December, 2008 under Business news | Be the First to Comment

Honda have put their F1 team up for sale and are looking for a buyer within the month and if one is not found soon the team would not be running in 2009.

The company employs around 700 workers in Brackley, Northamptonshire and have been told that the business will close down, should a buyer not be found within the month. Honda have blamed the pull-out from formula 1 racing on the world economic crisis, with car sales down significantly. The Japanese company has quoted the sub-prime problems in the America and the deepening credit crisis as key reasons for the decision.

So in the week following the possible sale of a UK icon Woolworths for £1, there is mention of Honda selling the Formula 1 business for the same and if this is not achieved the company will assume all the debts. So if you fancy running a fast and furious business for just £1 then go speak with Ross Brawn, however, you will need very deep pockets possibly to the tune of £500 million!

This is a real worry for Formula 1 with one of the major players pulling out, how does this leave some of the smaller teams. There are rumours that the big movers in Formula One are talking about changing the rules and for example, having a standard engine for all the cars, which would reduce the costs. Also, Bennie Ecclestone is rumoured to have shown interest in stepping in to help the company stay around in Formula One.