It’s shocking to know that Honda has quit the Formula One. The key factors contributing to this decision taken by Honda is the downturn in the global auto markets, deepening credit crisis, and unexpected contraction of the global economies.

Honda bought the team in the year 2000 in association with its partner British American Racing (BAR). It was soon recognized as Honda F1. But, now it is speculated that the new team head, Ross Brawn, is looking ahead to contact Ferrari for supplying new engines to the F1 racing cars. If this happens, Ferrari will be back into the sports with a big bang.

This was a tough and galling decision taken by Fukui, the CEO of Honda. Fukui is known to be a true racer who always wanted to do extremely well in Formula One. It is believed that in the last season the company surprisingly participated without any sponsors, proudly fulfilling its commitment to motoring with a green ecological theme.

Some still wonder whether the decision to withdraw immediately was taken because of the lack of sponsors or is it really because of the slowdown in the markets. Some even say that the withdrawal may be because Honda has only celebrated one fortuitous win in past eight years in this sport. This one win was not enough for Honda to feel proud of the team.

Critics also views the surprise pull out of Honda from Formula One as a blow to the team that could affect this glamour sport in many way.