Finally the world economic crisis seems to have reached the "magical" world of F1 racing.

Due to the financial problems that many car companies have, the need to cut down the costs is necessary. The first (is it going to be the only one?) team to announce its withdrawal from the sport is Honda.

The stunning news were delivered last night. The effect is immediate and now the team has one month to find a buyer for the team if the team is to survive at least as a private one.

600 hundred employees will be placed on three months' notice at January first 2009.

The Honda president Takeo Fukui confirmed the decision taken earlier. : "Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount. A recovery is expected to take some time.

Under these circumstances, Honda has taken swift and flexible measures to counter this sudden and expansive weakening of the marketplace in all business areas. However, in recognition of the need to optimize the allocation of management resources, including investment regarding the future, we have decided to withdraw from Formula One participation.

"We will enter into consultation with the associates of Honda Racing F1 Team and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale."