Dec.11 (GMM) Honda has pulled out of formula one to escape its huge annual budgets, but even walking away from the sport is expected to cost the beleaguered manufacturer an immense sum.
Britain's The Times newspaper, citing 'industry experts', estimates the bill could near $150 million unless a buyer can quickly be found.Compensation for driver Jenson Button's recently-signed new multiple year contract may be more than $35m, while Honda would have to fund redundancy packages for Brackley's well-paid 700 staff.Should a buyer not be found, Honda will also have to fund the disposal of the high-tech F1 factory, and then deal with the consequences of the termination of dozens of supplier contracts."Five years from now, I think history will show we made the right decision," Honda Motor Company president Takeo Fukui said.
