Honda sold F1 team for $2 to Brawn

A Honda official has confirmed that their F1 team was sold to Ross Brawn for just $2 last month, to ensure the team stayed in the sport, according to a report in a Japanese newspaper on Friday. It had been widely speculated that Honda were willing to offload the team, which sports some of best facilities in F1, for a nominal fee to ensure the survival of the squad and the guarantee of the 700-strong workforce.

“Since our withdrawal [in December], it was out top priority to sell the team on condition it continues its F1 activities," an unnamed Honda official told the Yomiuri Shimbun. “The price was not a problem."

“We could not sell the team to partners who had sought to disband it and sell its assets on a piecemeal basis," he continued. “We also needed to protect the jobs of hundreds of people and we think it was a good conclusion."

Since the management-led takeover of the team now known as Brawn GP, they have secured back-to-back victories in the Australian and Malaysian Grands Prix, and lie first and second in the drivers' championship, as well as leading the constructors' standings.

Although the Honda official refused to comment further on the financial details of the agreement, it's understood that Honda have put up enough money for the team to function competitively in 2009. Brawn GP will then be depending on sponsorship revenue for their racing budgets from 2010 onwards.