Full Throttle

Pitpass is reporting Honda is pulling the plug on their entire Formula One operation. The decision was made in an “emergency meeting” held at the teams Brackley headquarters Thursday.

According to the report Honda is pursuing buyers of the operation with two prospective suitors hanging in the wind. Hanging being the operative word because when this becomes official, assuming it does, Honda will also announce they will cease supplying engines to potential F1 customer teams.

All this is said to take place in March.

True, or not. I have no clue, my reach into F1’s inner workings are limited.

But one thing is true. Honda boss Nick Fry did his best Scrooge imitation early this week.

The annual media lunch held by Honda for the last decade was axed via an email to guests late on Monday evening, Fry apologizing profusely for the inconvenience and blaming “severe economic pressure”.

“Honda, like others, has been forced to put production on short-time,” he explained. “In light of this we do not think it would be appropriate to continue with our lunch.”

Related to the team closure? Only Fry knows.

And maybe Rubens Barrichello who’s looking at Toro Rosso for his next driving assignment.

And what of The Dear Boy?

UPDATE: Both Reuters and Sky Sports have picked up this story.

A source relayed a Nick Fry comment: “They have a month to find a buyer, otherwise they are closing the team,” the source quoted Honda team bosses Ross Brawn and Nick Fry as telling a meeting of the Formula One Teams’ Association (FOTA).

Also reportedly (doncha luv that weasel word? -ed) a statement would be issued by Honda Motor Corporation on Friday.

UPDATE II: Channel News Asia quoting the BBC: “The Japanese company hopes to sell its team, which costs 200 million pounds a year to run, but is prepared to close the team early in 2009 if no buyer is found,” said the BBC website.

“Sources told BBC Sport the team were “optimistic” they would continue, but no investor had yet been found.”

I’m beginning to believe this story. It’s been on the street long enough and with many varied sources a Honda statement should have been issued by now.

UPDATE III: Via the Financial Times:

One potential customer could be Dubai International Capital, the emirate investment buy-out group. During this season, DIC pulled out of talks to purchase Honda’s sister team, Super Aguri.

Any buyer would take over a team whose engines would be supplied by Ferrari rather than using Honda’s V8 engines, which have proved hugely costly to manufacture.