Don't miss

Replay


LATEST SHOWS

REPORTERS

The booming business of cannabis in Spain

Read more

EYE ON AFRICA

Tanzanian President dismisses almost 10,000 public servants over forged college certificates

Read more

MEDIAWATCH

French Election: Abstention, Anger & Apathy

Read more

THE WORLD THIS WEEK

Macron vs. Le Pen: France's bitter presidential run-off race (part 1)

Read more

THE WORLD THIS WEEK

Trump's First 100 Days, The Pope in Egypt (part 2)

Read more

FOCUS

Egypt's Coptic Christians targeted by Islamic State group

Read more

THE CAMPAIGN BEAT

France's wartime past takes centre stage in presidential campaign

Read more

#TECH 24

How one NGO is using 3D printers to improve disaster relief

Read more

REVISITED

What remains of Nicaragua’s revolution?

Read more

Brawn buys Honda team for symbolic pound

Latest update : 2009-04-10

Honda's troubled Formula One team was sold to former team principal Ross Brawn in March for one symbolic pound sterling, according to a Japanese newspaper. British Brawn GP won the two Grand Prix first seasons.

AFP - Honda Motor sold its Formula One team for just one pound (1.46 dollars) to former team principal Ross Brawn to keep it in the sport, a Japanese newspaper reported Friday.
  
"Since our withdrawal (in December), it was our top priority to sell the team on condition it continues its F1 activities," an unnamed Honda official was quoted as saying by 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 said. "We also needed to protect the jobs of hundreds of people and we think it was a good conclusion."
  
A Honda spokesman declined to reveal financial details of the deal.
  
Honda is reported to have spent 20 billion yen (200 million dollars) in running the F1 team.
  
Honda's profit was estimated at 80 billion yen for the business year to March 31, down 87 percent from the preceding year.
  
Brawn's Mercedes-powered team has won the first two Grand Prix this season through driver Jenson Button, in the Australian round and Sunday's rain-shortened race in Malaysia.
  
Button's fellow driver Rubens Barrichello finished second in Melbourne.

Date created : 2009-04-10

COMMENT(S)