Is this just speculation during a slow time for Formula 1 or is Honda about to become F1’s first victim of the financial downturn?
Grandprix.com had previously downplayed stories about Honda’s $217m expenditure on F1 last year. It pointed out the reason Honda had spent so much more on F1 than its rival teams was because of its investment in Super Aguri.
Like almost every other car manufacturer on the plant, Honda is suffering the effects of the global financial downturn. Two weeks ago it announced it would close its plant in Swindon for two months next year. Its US sales have fallen by almost a third.
Honda have fallen into a slump since Jenson Button scored the team’s first F1 win at the Hungaroring in 2006. After a disastrous 2007 Nick Fry hired Ross Brawn to turn the team’s fortunes around. Although 2008 has seen little improvement the team is believed to have focussed its efforts on its 2009 car in order to take advantage of next year’s swingeing rules changes. Has that gamble worked against it in the prevailing financial climate?
The loss of another team could reduce the F1 entry to nine teams and 18 cars. That is understood to be below the minimum number of cars F1 is contractually required to bring to each round, raising the possibility of some teams being asked to field three cars.
However it’s impossible to say anything for certain about the Honda’s future or its consequences for F1. I hope the reports are untrue, and I’ll be keeping an eye out for further details. Please post anything else you find below.
Update: Pitpass claims the workforce were told tonight that Honda will not be competing in F1 next year and the team is to be put up for sale.