A sad day for the most advanced auto racing in the world...

Honda Pulls Out of Formula One Racing:

"The 11 teams on the Formula One circuit spent a reported $1.6 billion during the 2008 season, which ended on Nov. 2. Max Mosley, the president of the International Automobile Federation, which governs Formula One and other racing series, has called that spending figure “unsustainable.”

A statement Friday from the federation reiterated that view, repeating the word “unsustainable” and adding that “the global economic downturn has only exacerbated an already critical situation.”

Even successful, winning teams on the circuit lose money, and the budget for the Honda operation was said to be close to $300 million this season. The team employed more than 700 people at its headquarters in Brackley, England."