Honda F1 Becomes Brawn GP And Stays On The Grid
The former Honda F1 Racing Team has confirmed that it has reached agreement for a management buyout, led by team principal Ross Brawn, enabling it to retain its place on the F1 grid for the new season under the new team name of Brawn GP.
Following Honda’s decision to withdraw its investment in the sport at the end of last year, a number of potential investors have been linked with a takeover including Richard Branson’s Virgin Group.
However, with no deal forthcoming, Brawn has led a management buyout of the team’s assets and its Brackley headquarters, made possible by the significant cuts in operating budgets for F1 teams enforced by the Formula One Teams Association (FOTA).
The newly named Brawn GP has agreed a partnership with Mercedes-Benz High Performance Engines to supply the team with its 2.4 litre Mercedes-Benz FO108W F1 engines.
The team also confirmed that its race driver line-up for the 2009 season will combine the talents of Jenson Button and Rubens Barrichello, retaining the line-up under the Honda regime.
Brawn GP Team Principal, Ross Brawn, commented: ‘The past few months have been extremely challenging for the team but today’s announcement is the very pleasing conclusion to the strenuous efforts that have been made to secure its future.’
Brawn GP will now focus its efforts on the remaining pre-season tests, in Barcelona (9th-12th March) and Jerez (15th-17th March) prior to heading to Melbourne, Australia for the start of the 2009 F1 season.
