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Honda Sold F1 Team For £1

Honda is "frustrated" to have abandoned Formula One on the eve of almost guaranteed success, new team owner Ross Brawn insists. The Briton is now leading the Brackley-based camp following a management buyout, having bought it from the struggling Honda Motor Co. for a symbolic 1 British pound.

"I'm sure they were very frustrated at having to withdraw," Brawn, 54, told the Bloomberg news agency. "I've had many notes from senior people at Honda, so they are frustrated because obviously the team has moved forward, but it was a necessity for their business."

The team netted embarrassing results in the last two years, but during 2008 invested millions of Honda dollars setting the groundwork for the current BGP 001 chassis. With Mercedes power, the 'Brawn GP' car collected both poles and both wins from the opening two Grand Prix of 2009.

[Via: motorbeam]