It is being reported that today's special meeting at Brackley has ended with Honda deciding to pull out of F1.

They will be looking for a buyer for the team but if none is found they will shut up shop in March 2009.

Honda do not plan to continue supplieng F1 engines so any buyer would need to obtain an engine from somewhere.

Very sad day as one of the great names of F1 goes.

Official Announcement made by Honda

Amid slumping car sales triggered by the global economic crisis Honda were no longer willing to bankroll the Formula One team and its estimated annual budget of $500 million.

Honda Motor Co 7267.T. chief executive Takeo Fukui told a news conference a return to the sport could take time and added that there were no plans to continue as an engine supplier.

"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry," Fukui told reporters.

"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economics around the globe continue to mount.

"We will enter into consultation with associates of Honda Racing F1 and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale."

Fukui, who told Reuters earlier this year that he would "spend a trillion yen" if he could to make Honda a Formula One winner, added: "But at this stage we have no plans to return to F1. We have no plans to supply engines to other teams. We do not want to be half in and half out of the sport."

Brilliant, Prodrive have a perfect opportunity to join F1 now

Bad news about Honda though

PS got to this from the main page on A1.GPGrid

Seems they have 3 serious people interested.