Honda is to withdraw from Formula 1 and is putting its team for sale, the team has announced.

The British-based team only won one race - thanks to Jensen Button on a wet circuit in Hungary two seasons ago.

The company is planning to sell its team but will not produce engines - meaning that any buyer will have to seek a separate engine supplier.

There is no word on the future of its drivers, Briton Jensen Button and Brazilian veteran Rubens Barrichello. The team spent £400 million last year but only came ninth of 11 teams on the grid.

The decision was taken in view of the current economic crisis, leading the car giant to cut costs and protect its core business.

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