Honda ‘no great loss’ to F1 – Ecclestone
Honda has pulled out of formula one to escape its huge annual budgets, but even walking away from the sport is expected to cost the beleaguered manufacturer an immense sum.
Britain’s The Times newspaper, citing ‘industry experts’, estimates the bill could near $150 million unless a buyer can quickly be found.
Compensation for driver Jenson Button’s recently-signed new multiple year contract may be more than $35m, while Honda would have to fund redundancy packages for Brackley’s well-paid 700 staff.
Should a buyer not be found, Honda will also have to fund the disposal of the high-tech F1 factory, and then deal with the consequences of the termination of dozens of supplier contracts.
“Five years from now, I think history will show we made the right decision,” Honda Motor Company president Takeo Fukui said.
Honda ‘no great loss’ to F1 – Ecclestone
Bernie Ecclestone has dismissed Honda’s departure as “no great loss” to his formula one empire.
The Japanese marque was involved with the sport initially in the 60s, with huge success as an engine supplier in the 80s and early 90s, and most recently with its Brackley based works team.
But although his grid could be reduced to just 18 cars for the forthcoming 2009 season, F1 chief executive Ecclestone played down Honda’s departure.
“Honda will be no great loss,” he said at the London boutique Moussaieff, where his daughter Tamara was unveiled as the new ‘face’ of the jeweller.
Ecclestone, 78, added: “Just look at where they finished in the championship — ninth. They wasted millions and were a bad example to other teams.
“In formula one, teams come and go. It’s not the end of the world. Only Ferrari has been there since the start.
“Now they’ve gone, we’ve got a chance to bring in some sense to the teams about how much they should spend.”
The Daily Telegraph newspaper said Ecclestone believes a new buyer of the Brackley team will be announced next week.
He said: “I’m keen for the team to be kept in place. We have whittled it down to three serious potential buyers.”
Meanwhile, former triple world champion Sir Jackie Stewart believes the global slump in car sales is not the only reason for Honda’s decision to part.
“I don’t think Honda would have closed down their operations if they had finished third or fourth rather than ninth in the constructors’ championship,” the Scot told The Herald.
source: GMM
