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Honda quits Formula One
Honda, the Japanese car manufacturer, has announced that it intends to sell its Formula One racing team after the company decided to withdraw from the sport because of the downturn in the global automotive market.
Having first entered Formula One in the 1960s, the current team was formed in 2000 through a partnership with British American Racing (BAR) before becoming a fully-independent works team in 2006. It is hoped that if a buyer can be found in time, it will still be possible for the team to enter the 2009 Formula One Championship under a different name.
A statement from Honda said: "This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the deepening credit crisis and the sudden contraction of the world economies." "It, therefore, has been an extremely difficult for us to come to this conclusion without having been able to fully meet the expectations of our fans."
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