Honda sells F1 Team

Japan’s Honda Motor Co. has sold the entire stake in its Formula One auto racing team to Ross Brawn, former team principal. Honda, which withdrew from F1 racing last December due to deteriorating earnings, sold to Brawn all shares of a firm that held the team and managed all operations of the company’s F1 activities. The automaker said it decided on the sale to Brawn at a management meeting in late February. It did not disclose the value of the deal, and said it has no plan to support the new team. (March 6, 2009)