HONDA OUT OF F1? // OFFICIAL WORD EXPECTED

As of two hours ago, the BBC was reporting that Honda intends to withdraw it's Formula One effort for the 2009 season. Citing a slumping economy, as well as a recent reduction of road vehicle manufacturing, the Japanese automaker is looking to sell their F1 program, which currently requires $500 million dollars a year to operate. If no deal can be made, the 2009 season would begin in Melbourne on March 29th with only nine teams and 18 cars (down from 11 teams and 22 cars during the 2008 season).

According to the BBC report, Honda remained 'optimistic' that an investor would come on board. A press conference is scheduled for this evening at 9pm (PST), where Honda's brass will make an official statement regarding their future in Formula One. If no outside investment can be gathered, it appears Friday will be the last day Honda fields an F1 program. A sad day for our sport. The BBC coverage can be seen here // 12.04.2008