Earlier this week, Honda announced some shocking news. The motor company has been forced to pull out of Formula One after the impact of the financial crisis left officials with no alternative.

In addition, Honda will be unable to supply engines to Formula One. A deadline of January has been set for Honda to find a buyer, a move which will allow them to stay in the sport but workers at the company’s base are expected to be made redundant prior to Christmas.

The shocking news was announced by the president of Honda, Takeo Fukui, who revealed that the decision had been extremely “difficult” to make. However, the “quickly deteriorating operating environment facing the global auto industry” and the manner in which global economies are suffering in general has left the company with no alternative.

Since Honda’s announcement, other teams have revealed that they will do everything possible not to follow in their footsteps. However, competing in Formula One is extremely expensive and teams have been forced to consider innovative cost-cutting steps during recent months.

Max Mosley, the president of the FIA, has been vocal for some time about the financial problems caused by the expensive nature of Formula One. Mosley wants to see changes made prior to 2010, including the controversial introduction of a standard engine.

Jenson Button has spoken of his personal shock at Honda’s decision. However, despite the pain brought by the move, Button seems determined to remain positive. He ended an emotional speech by revealing that “if it doesn’t kill us it’ll make us stronger”.