Honda sold it's F1 team to Ross Brawn for 1GPB

[Shull]

Now..this is a steal...

 

Formula One: Honda team sold "for one pound"

Posted: 10 April 2009 2033 hrs

 

TOKYO: 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.

 

- AFP

 

source: http://www.channelnewsasia.com/stories/afp.../421546/1/.html

[Hondacub777]

wau lau,i should have bid for$5.

[Zcold]

haha.. this practice is not unheard of.. for a dollar u can buy a railway network..

its still on sale btw...

[Rtth84]

u buy, and have to help clear the debts leh, and run it.

[Ichibawa]

Not to mention the upkeep. Even if you bought the team for 10 bucks you are still hundreds of millions in debt.

[Genie47]

Yah but do you have the money to keep it running?

[Zcold]

haha.. tt's y there's always a catch... but seriously...

 

the idea sounds amusing.. like pa-sa-ma-lam... "1 dollar 1 dollar leh long leh long!!!"

[Twofouronenite]

I think HONDA must have bang balls now since BGP won 2 race in a row. And Brawn said the car is with HONDA"S DNA!