The Credit Crunch Hits Formula One as Honda Pulls Out

Barney CorkhillSenior Writer IDecember 6, 2008

They may race on a never-ending Formula One track, but the end of the road has come for Honda's Formula One team, as they have pulled out of the sport. The Northamptonshire-based team are now looking for new owners.

The decision to quit shocked many, and concerned even more, as fears that other big teams may follow Honda's example grew.

The end of Formula One was being predicted by some, but, fortunately for the sport's future, the big teams have pledged their allegiance.

BMW Sauber, Ferrari, McLaren-Mercedes, Renault, and Toyota have all said they plan to continue submitting Formula One teams, despite the massive cost of just running one car.

Honda's decision to pull out casts huge doubt over the future of Jensen Button and Rubens Barrichello. If Honda can't find a buyer, they may be forced to take seats in the left-over cars.

Honda first entered Formula One in 1963, but withdrew in 1968 following the death of driver Jo Schlesser.

It was 1983 before they made an appearance in the F1 picture again, providing engines. This was relatively short lived, as their role ended in 1992.

In 2000 they made a third return, again providing engines, this time specifically for BAR (British American Racing). In 2005, they bought BAR out, and Honda racing returned.

The revelation that they have pulled out again, however, could bring an end to another short spell in Honda's Formula One involvement.

Thankfully, the future of Formula One looks stable, for now at least, despite the concerns of Max Mosley, so we can get ready for another great Formula One season!