Honda CEO says the decision to quit Formula 1 was absolutely necessary

Honda CEO Takanobu Ito says he has no regrets withdrawing from Formula One racing last year, saying that it was necessary for the company’s survival. Honda’s former team, now named Brawn GP, had won both the drivers’ and constructors’ championships this season.

When asked by reporters whether he had misgivings for pulling out of the sport, he said that after its withdrawal, it saw its team doing “extremely well” because of the efforts it put into the team. Ito took over Honda in June from his predecessor, Takeo Fakui, who had made the decision to quit F1. Ito said that he believes it was the correct decision. Ito explained that the company’s love for F1 racing had never waned but that its first priority was the company in light of the global recession that had deteriorated its management environment. He also cited the need to comply with environmental requirements, which meant that it had to develop new technologies.

Source;
http://www.4wheelsnews.com/honda-ceo-says-the-decision-to-quit-formula-1-was-absolutely-necessary/

Honda not considering F1 return - new CEO

Even if the world economy rapidly recovers, Honda is not keen to return to formula one, the Japanese carmaker's new chief executive said on Monday.

Takanobu Ito has now succeeded former chief executive Takeo Fukui, who due to the global financial crisis decided to withdraw Honda from the sport and hand the Brackley team to its current owners headed by Ross Brawn.

"It was a real shame that we had to leave formula one," Ito is quoted as saying from Tokyo.
Financial considerations aside, he suggested F1 has become less attractive due to its regulatory restrictions.

"On the other hand, F1 is becoming less of a medium in which companies can test their various strengths and more of an event with mounting restrictions.

"There's little room for us to challenge new fields, so bearing in mind the current state of series, I don't think we have the desire to return, even if the economy improves," he added.

Meanwhile, given the withdrawal from the F1 calendar of Fuji Speedway, Ito said he did not know if Honda-owned Suzuka will take over as the new permanent host of the annual Japanese grand prix.

Source;
http://www.worldcarfans.com/109071320453/honda-not-considering-f1-return--new-ceo

Honda Announces Sale of the Honda Racing F1 Team

TOKYO, Japan, March 6, 2009 - Honda Motor Co., Ltd. has announced the sale of the Honda Racing F1 Team (HRF1) to Ross Brawn, the former Team Principal of Honda Racing F1 Team.

The entire shares of the HRF1, held by Honda GP Holdings Ltd., the UK-based holding company for HRF1 that managed all operations of Honda's Formula One racing, were sold to Ross Brawn. As a result of this sale, the team ownership has transferred to Mr. Brawn, who plans to have the new team compete for this year's FIA Formula One World Championship.
- Hiroshi Oshima, Managing Officer of Honda Motor Co., Ltd. responsible for Corporate Communications and Motor Sports

"Since announcing our withdrawal from Formula One racing on December 5 of last year, we have conducted various studies and discussions so that the team can continue its activities as a new team. We are very pleased that we could sell the team to Ross Brawn, with whom we have been partaking in the challenges of F1 competition, and are grateful for his decision. We offer our sincerest wishes for the new team which will be led by Ross."

Source;
http://www.hondanews.eu/en/news/index.pmode/modul,detail,0,1101-DEFAULT,21,text,1/index.pmode

Rescued Honda team to be called 'Brackley F1'

With a blank livery and Jenson Button at the wheel, the team currently known as Honda will return to action at a Silverstone shakedown of its 2009 car next Thursday, sources from inside the Brackley factory are reporting. With the Ross Brawn-led management buyout now approved - but not officially announced - by Honda Motor Co.'s Tokyo board, information is leaking from the outfit that had until recently looked likely to be wound up ahead of the 2009 season. Now, however, suggestions of at least one - and possibly two - full tests at Spanish circuits in March are gaining credence, and one source told us that these will be preceded by a run-out with Mercedes power at Silverstone late next week. With the Honda board also insisting upon a name change, the frontrunner at present is 'Brackley F1', but a final decision on this has not been taken.

Also likely - but not confirmed - is the identity of Button's team-mate. Bruno Senna has all winter been named as the frontrunner, but given the nature of the challenge faced for 2009, it is believed the veteran Rubens Barrichello is now favourite to retain his seat. Under Brawn's leadership, the funds for the team this year will come from increased and advanced FOM income, commercial sponsors, and Honda itself, who have concluded that it is cheaper to offload the squad as a going concern rather than fund the closure and compensate contracted staff, including the very highly paid Button. The Swiss newspaper Blick said of rookie hopeful Senna: "The young Brazilian will drive in the DTM championship (in 2009)."

Source;
http://en.f1-live.com/f1/en/headlines/news/detail/090227084040.shtml

Other News via Autoblog;
Some reports claim that the team will be called Brawn Sport, while others say it will be called Brackley F1 – Brackley being the site of the team's UK headquarters. Whatever it's called, the team has been funded by an advance on its Formula 1 television rights money, and Honda. The carmaker decided it would be better and cheaper to give the new team money than to close up shop and pay several hundred severance packages.

Source;
http://www.autoblog.com/2009/03/02/report-honda-f1-team-to-be-taken-over-by-brawn-sport/

A requiem - Honda admit future F1 return possible

Honda Motor Co.'s incoming chief executive has left the door open to the struggling Japanese manufacturer returning to formula one in the future.

Under the stewardship of departing CEO Takeo Fukui and amid the brunt of the global financial crisis, Honda decided to pull out of the sport after the 2008 season, citing the need to "protect its core business activities."

But with Takanobu Ito set to take over in June, the future Honda CEO and president insisted that elite motor racing is "very challenging but also fun."

"Unfortunately, our company has a slight cold right now. But we would like to cure this cold as quickly as possible and work towards reaching that happiness (of racing)," the 55-year-old explained in a press conference in Tokyo.

Honda contested grands prix as a standalone manufacturer in 1963-1968 and 2005-2008, but achieved its greatest success as a F1 engine supplier in the 80s and 90s.

Source;
http://www.worldcarfans.com/9090224.031/a-requiem---honda-admit-future-f1-return-possible