Honda pulling out of F1 - Mercedes-Benz Forum

 
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post #1 of 10 (permalink) Old 12-04-2008, 03:30 PM Thread Starter
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Honda pulling out of F1

It's a great pity if Honda are not bought out by another sponsor.
One good thing to come out of it all is that maybe the useless money sponge Jenson Button will be brought down to earth with a bump.

BBC SPORT | Motorsport | Formula One | Honda poised to quit Formula One
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post #2 of 10 (permalink) Old 12-04-2008, 05:13 PM
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Wow, that would be a huge loss for Formula One, and Russ Brawn.
This might be what Eddie Jordan was implying some weeks ago.
Beside a reduction in costs, there need to be a more equitable distribution of income to the teams from the F-1 groups owners.
IMO, the teams should really own most of the groups shares.
Formula One Group - Wikipedia, the free encyclopedia
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post #3 of 10 (permalink) Old 12-04-2008, 05:30 PM
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Sad to see such a promising team give up. With the global economy the way it is, I wouldn't be surprised if the two grid spots just went away. F1 as we have known it may be dying a slow death.

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post #4 of 10 (permalink) Old 12-04-2008, 05:36 PM Thread Starter
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BBC update on the knock on effect...

BBC NEWS | England | Northamptonshire | UK Honda staff facing redundancy


My above opinion on Jenson Button confirmed here

Jenson Button?Formula One Legend Or Flop ? | Bleacher Report
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post #5 of 10 (permalink) Old 12-04-2008, 10:38 PM
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Button is a talented driver, the car was an expensive POS.
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post #6 of 10 (permalink) Old 12-04-2008, 10:50 PM
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Didn't Honda drop $100 Million on the 2007 RA107 development only to have the car slower by over a second?

I would have been happy to have sold them 25 pounds of lead for 1/10th of that and even mounted it myself.

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post #7 of 10 (permalink) Old 12-04-2008, 11:04 PM
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Quote:
Originally Posted by Teutone View Post
Wow, that would be a huge loss for Formula One, and Russ Brawn.
This might be what Eddie Jordan was implying some weeks ago.
Beside a reduction in costs, there need to be a more equitable distribution of income to the teams from the F-1 groups owners.
IMO, the teams should really own most of the groups shares.
Formula One Group - Wikipedia, the free encyclopedia
This might be the start of Formula One's demise, or at least of what Ecclestone hast turned it into.
A solution would be all the teams sharing in the tours profits, instead of just the Formula One Groups

(Jersey Islands Delta Topco owned by CVC Capital Partners' funds (approximately 70%) and JPMorgan (approximately 20%). Bernie Ecclestone's family trust owns the remainder apart from small shares held by financial advisers and Ecclestone himself.[2]

"Formula One Group" strictly refers to Formula One Management, Formula One Administration and Formula One Licensing BV,[3] which are subsidiaries of the Formula One Holdings holding company. However Delta Topco owns other Formula One businesses which are referred to in the same way.)
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post #8 of 10 (permalink) Old 12-05-2008, 12:33 PM
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post #9 of 10 (permalink) Old 12-05-2008, 02:47 PM
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Ecclestone: Buyers interested in Honda

Ecclestone: Buyers interested in Honda
Eurosport - Fri, 05 Dec 13:01:00 2008

Formula One supremo Bernie Ecclestone has claimed several parties have shown interest in buying the Honda team, after their withdrawal from the sport due to financial reasons.

More StoriesHonda pulls out of Formula One
Honda apologises to Button
FIA: Formula One costs 'unsustainable'
"I think it's okay. I think there's a number of people out there that have shown a lot of interest," Ecclestone told Sky News.

Ecclestone, saying he knew of two separate enquiries, added that Honda's withdrawal was a wake-up call for the sport.

"Both Max [FIA head Mosley] and myself have been campaigning now for quite a long time to try to reduce the necessity to spend vast amounts of money to be competitive," he said.

"What we are trying to say to the engineers is 'do all these things, come up with the ideas but try to remember the cost'.

"When you consider that Honda have got 700 people working there to put two cars on the starting grid, it's a little bit cranky to be honest with you."

The head of Honda's Formula One team Nick Fry said he was hopeful a buyer would step in.

"We've had two or three global players contact us already who are interested in a top level team... I think there's good reason for hope for the future," he said.

"Formula One is up there with the Olympics and the World Cup in terms of global popularity and that's why there are so many huge companies involved because it is a global stage where they can present their products."

Fry recognised, however, that times were tough for the sport. "We've got to find a way of seeing ourselves through the next couple of years," he said.

"I sat with all the other team owners yesterday and we reduced the budgets for next year potentially by 50 million euros (£43.3 million), by cutting back developing, cutting back testing."

Fry said his team were well-placed for an improved performance next year and it would be a "massive disappointment" if they were not on the start line for the first race of the new season in Australia in March.

"We are very close. This year we really didn't work that hard on our car because we knew we had to invest next year and we wanted a top-line Ross Brawn-developed car for Jenson [Button] next year," he said.

"If that doesn't happen, that would be devastating for everyone involved but at this stage we are assuming it is going to happen."

Mosley said there would be plenty of potential buyers but only if the cost of competing could be controlled.

"We must get the costs down to the point where a potential purchaser can see that he can run the team without having to subsidise it with huge sums of money and then there has to be a source of an engine," he said.

"All of those conditions can be satisfied so I'm optimistic that it can be solved though I think it's by no means certain."

Former team boss Eddie Jordan was also confident there would be a buyer for the Northamptonshire-based team.

"I do believe that Honda will be snapped up," he said. "It's too good, it's a jewel in the crown.

"I think you have the basis of something that can be bought at a very, very discounted price for a huge advantage.

"These are the best facilities that you can ever imagine and to lose that to Formula One would be catastrophic."

Reuters
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post #10 of 10 (permalink) Old 12-05-2008, 02:49 PM
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Honda apologises to Button

Honda apologises to Button
Eurosport - Fri, 05 Dec 16:18:00 2008

Honda's chief executive has apologised to British driver Jenson Button after Japan's number two carmaker pulled the plug on its Formula One team.

More StoriesHonda pulls out of Formula One
FIA: Formula One costs 'unsustainable'
Cosworth to provide low-cost engine
Honda withdrew from Formula One with immediate effect, no longer willing to foot the estimated annual bill of $500 million amid the global economic crisis.

Button, a winner for Honda in Hungary in 2006, is in danger of being left without a drive next season, though some teams have yet to confirm their line-ups.

Brazilian Bruno Senna, the 25-year-old nephew of the late triple world champion Ayrton, had also been tipped to take the place of compatriot Rubens Barrichello at Honda in 2009.

"It's a real shame and I feel deeply sorry for Jenson Button," the CEO of Honda Motor Co Takeo Fukui said. "We had no choice in the current financial conditions."

Managing director Hiroshi Oshima said he had informed team boss Ross Brawn and Honda Racing CEO Nick Fry of the decision and that both men had taken the news on the chin.

"I didn't speak to Jenson so I don't know his reaction," Oshima said. "Ross and Nick were of course extremely disappointed but were very professional.

"They understood the economic climate and Honda's reasons for closing down the operation."

Fukui said Honda, who like its rivals has suffered a sharp decline in sales worldwide, was not thinking about a quick return to Formula One, either as a team or engine supplier.

The British-based team had a hugely disappointing 2008 season, although Fukui denied that poor results had contributed to the decision to pull out of the glamour sport.

Button scored just three points while Barrichello took 11 as Honda finished ninth overall in the constructors' championship.

"Results on the track this year have had absolutely nothing to do with our withdrawal," said Fukui. "It was a purely commercial decision. We must give priority to our core business."

Reuters
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