Japanese automaker Honda announced yesterday it had sold its Formula One team to former principal Ross Brawn, rescuing it from collapse and allowing it to compete in the upcoming world championship.
Brawn immediately said he would keep experienced drivers Jenson Button and Rubens Barrichello, banking on their racing know-how to make up for lost time ahead of the F1 season opener on March 29 in Melbourne.
The deal saves the Honda team from falling victim to the global economic crisis, which has seen big companies slashing costs wherever they can to stay afloat.
Honda and Brawn did not disclose the cost of the deal.
“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,” Honda said in a statement.
The new owners said the outfit — now called the Brawn GP Formula One Team — had agreed a partnership with British-based Mercedez-Benz High Performance Engines to supply its 2.4 liter engine.
Brawn GP acknowledged in its statement that “the past few months have been extremely challenging,” and that yesterday’s announcement “is the very pleasing conclusion to the strenuous efforts that have been made to secure its future.”
Brawn said the huge experience of Button and Barrichello, who have started 423 races in total between them, would be invaluable after the lost winter.
Hiroshi Oshima, the managing officer of Honda’s motor sports, said in the statement: “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.”
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