Honda cancels Formula One agreement

Mexico City News.Net
Friday 5th December, 2008

Concerns have been raised about the deteriorating sponsorship in auto sport after Honda pulled out of Formula One racing.

At a press conference, Honda Motor president Takeo Fukui made an apologetic announcement to fans, staff and Formula One drivers.

He said 2008 would be the last season for participation.

Mr Fukui said the company’s decision had been made in light of the economic problems facing the global auto industry, brought on by the deepening credit crisis and contraction of the world economies.

Formula One events have failed this year with the Australian Grand Prix going 27 million dollars into debt and France cancelling its season over money worries.

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