Honda blames global crisis for F1 withdrawal

Chief executive Takeo Fukui announced at a news conference in Tokyo that the company would be willing to sell the team and will withdraw from the 2009 competition if no buyer is found by the end of Decemebr -- ending the Japanese car giant's nine-year involvement in the sport.

"We, Honda Motor Co Ltd, have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of our participation," said Fukui.

"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies.