HONDA acquires 100% of BAR!!
10-04-2005, 01:07 AM
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HONDA acquires 100% of BAR!!
CorporateOctober 4, 2005
Honda acquires all shares in BARH Ltd.
TOKYO, Japan, October 4, 2005– Honda Motor Co., Ltd. today announced that Honda has agreed to purchase all shares in BARH Ltd. Honda currently owns 45% of the equity in BARH Ltd., and will complete the purchase of the remaining shares by the end of 2005.
From the 2006 season, Honda will therefore participate in the Formula One World Championship Series with its own team, with the aim of winning the World Championship.
The F1 team will continue to be based in Brackley, Northamptonshire, UK, and work in cooperation with Honda Racing Development Ltd., located in Bracknell, Berkshire, UK.
In 2000, Honda signed an engine supply and joint chassis development contract with B·A·R, marking the start of Honda’s third participation in the Formula One World Championship. In December 2001, the agreement was extended for 3 years, with provisions for the strengthening of the joint chassis development program. Further strengthening of the structure for development came with another extension of the contract (through the end of the 2007 season) in July 2004, and Honda’s purchase in January 2005 of 45% of the shares of BARH Ltd.
Comment from Hiroshi Oshima, Operating Officer, Corporate Communications and Motor Sports, Honda Motor Co., Ltd.:
"After discussing Honda's future F1 participation, we have decided that Honda should own 100% of the team. We greatly appreciate the partnership of BAT, which has managed the team with us until now, and we wish BAT the best of luck in its future endeavors. From next season, we will be even more energetic in our F1 activities, working hard as a team in order to improve our technology, develop our young engineers and achieve our goal of winning the World Championship. We look forward to your continued support."
Honda acquires all shares in BARH Ltd.
TOKYO, Japan, October 4, 2005– Honda Motor Co., Ltd. today announced that Honda has agreed to purchase all shares in BARH Ltd. Honda currently owns 45% of the equity in BARH Ltd., and will complete the purchase of the remaining shares by the end of 2005.
From the 2006 season, Honda will therefore participate in the Formula One World Championship Series with its own team, with the aim of winning the World Championship.
The F1 team will continue to be based in Brackley, Northamptonshire, UK, and work in cooperation with Honda Racing Development Ltd., located in Bracknell, Berkshire, UK.
In 2000, Honda signed an engine supply and joint chassis development contract with B·A·R, marking the start of Honda’s third participation in the Formula One World Championship. In December 2001, the agreement was extended for 3 years, with provisions for the strengthening of the joint chassis development program. Further strengthening of the structure for development came with another extension of the contract (through the end of the 2007 season) in July 2004, and Honda’s purchase in January 2005 of 45% of the shares of BARH Ltd.
Comment from Hiroshi Oshima, Operating Officer, Corporate Communications and Motor Sports, Honda Motor Co., Ltd.:
"After discussing Honda's future F1 participation, we have decided that Honda should own 100% of the team. We greatly appreciate the partnership of BAT, which has managed the team with us until now, and we wish BAT the best of luck in its future endeavors. From next season, we will be even more energetic in our F1 activities, working hard as a team in order to improve our technology, develop our young engineers and achieve our goal of winning the World Championship. We look forward to your continued support."
Sweet as!
This is exciting news!
Honda a fully fledged F1 team AGAIN!
Yoohoo!
HONDA F1 - sounds niiiiiiice!
10-04-2005, 09:08 AM
#2
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Originally Posted by smap
Sweet as!
This is exciting news!
Honda a fully fledged F1 team AGAIN!
Yoohoo!
HONDA F1 - sounds niiiiiiice!
This is exciting news!
Honda a fully fledged F1 team AGAIN!
Yoohoo!
HONDA F1 - sounds niiiiiiice!
Next season is going to be so exciting for Honda. Keeping JB, gaining Rubens, and now this. Sweet!
10-04-2005, 09:52 AM
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We knew this was going to happen, but it's still pretty sweet.
Honda, Toyota, BMW, Ferrari, Mercedes, and Renault make 6 of the 10 teams factory owned.
Honda, Toyota, BMW, Ferrari, Mercedes, and Renault make 6 of the 10 teams factory owned.
10-04-2005, 11:31 AM
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There's a rumor that Honda is supplying a "mystery team" next year w/ V8 engines and that team has approached Sato w/ an offer to drive. Wonder if it's a second team for Honda a la Red Bull? BAR was Honda already for all intents and purposes but I still welcome the news.
10-04-2005, 12:49 PM
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Originally Posted by F-C
We knew this was going to happen, but it's still pretty sweet.
Honda, Toyota, BMW, Ferrari, Mercedes, and Renault make 6 of the 10 teams factory owned.
Honda, Toyota, BMW, Ferrari, Mercedes, and Renault make 6 of the 10 teams factory owned.
10-04-2005, 12:54 PM
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Originally Posted by ilitig8
Are you sure about that?
Okay, 5 out of 10 teams.
Last edited by F-C; 10-04-2005 at 12:59 PM.
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10-04-2005, 12:59 PM
#8
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Originally Posted by Chief F1 Fan
There's a rumor that Honda is supplying a "mystery team" next year w/ V8 engines and that team has approached Sato w/ an offer to drive. Wonder if it's a second team for Honda a la Red Bull? BAR was Honda already for all intents and purposes but I still welcome the news.
I think Sato having a seat depends on whether Honda will pay for the seat with engines, much like they did with BAR. I haven't heard anything to suggest it would be a "second" team for Honda and probably would be best if the (current era) rookie concentrated on their "new" team, supplying engines is one thing running two teams with one being a from scratch start-up would take Toyota money and likely dilute results even with a budget above the boys from Cologne! However, the chassis selling rules might just make it feasible, but I wouldn't want a second non-established team on the eve of HUGE rule changes.
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