• BBC , Friday, December 5, 2008 10:46 AM

Honda Motor is withdrawing from all Formula One racing activities, making 2008 its last season for participation. Honda president Takeo Fukui made the announcement himself at a press conference that the BBC calls "emotional."

"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economics around the globe continue to mount," Fukui says. The company, which spent more than £300m a year on F1, says it will also no longer supply the sport with engines. It ran its cars with minimal advertising, meaning more funding had to come from its Japanese parent company.

The decision leaves Englishman Jenson Button and 2009 teammate Rubens Barrichello without cars to drive. The Honda team was created in 2006. BBC sports news correspondent Adam Parsons says it is available for a nominal fee of £1. But any new owner would need a budget of at least £40m to compete in the 2009 season, which begins on March 29 in Australia.

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