Auto Racing

Honda hit the brakes in F1

With the world suffering a financial meltdown and many people considering their financial future, it was inevitable that sport would be affected and it looks as though one of the major sporting events to be hit will be F1 with Honda announcing they are looking to sell their team. Whilst there are many Honda employees and their families concerned with the threat of job losses, the world of F1 is still in a state of shock at the announcement that one of the major teams has decided to try and sell up with a deadline of January having been set to find a new buyer. Although many industry insiders are optimistic that a buyer for the team will be found, there is a real fear that the current financial situation will prohibit any new buyer coming in to take over the current Honda team.

Where this leaves F1 is up for debate and there is a strong chance that other backers may follow suit and this could cause a major problem for the scheduling for next season. The season just finished ended on a spectacular note with Lewis Hamilton stealing back the lead of the lead in the last corner of the Brazil Grand prix but with so much doubt and confusion over the future of a number of teams, the off season may be as nail biting and intriguing as the thrilling climax to last season.

With the 2009 season kicking off in Melbourne, Australia in March, there is a growing worry that new teams will not be ready in time for the season showcase which could leave Jensen Button kicking his heels on the sidelines unless a buyer makes themselves available. There will be critics and cynics who say that Honda are using the current financial downturn as a great excuse to walk away from the sport after a disappointing season but there is no doubt that the money the company currently ploughs into the sport may be invested better in other areas at this moment in time.

However, not every team is planning on downsizing in Formula 1 and Ferrari have recently announced to continues its research and development into taking advantage of the new aero rules that will come into play in F1 in the forthcoming season. There have been suggestions that Ferrari will be looking to trim unnecessary costs wherever possible but given that their wind tunnel currently runs 24 hours a day, there is clearly a lot of forward planning and hopes being placed on the up coming season.

Although it is expected that other F1 firms will review and possible withdraw their expenditure for the season ahead, other racing events also look to be suffering as Audi announced that they would be withdrawing much of their presence in the American Le Mans Series. The company has already announced they will not be participating in the European series and their involvement in the American event, which has ran for nine years will be limited to the twenty-four race and the ALMS series opener which takes place in March.

Sports fans will probably have to get accustomed to a number of downsizing in the near future but it appears that auto racing fans have been hit hard already.