Global crisis ends Honda F1 dream

Honda is pulling out of Formula One, blaming the world economic crisis for plans to sell its team.

The decision leaves Englishman Jenson Button and 2009 team-mate Rubens Barrichello without drives, with only a few mid-ranking seats still available.

Honda, which spent more than £300m a year on F1, said it would also no longer supply the sport with engines.

Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation,

said Honda president Takeo Fukui at an emotional press conference.