Honda Motor sold its Formula One team for just one pound (1.46 dollars) to former team principal Ross Brawn to keep it in the sport, a Japanese newspaper reported Friday.
“Since our withdrawal (in December), it was our top priority to sell the team on condition it continues its F1 activities,” an unnamed Honda official was quoted as saying by the Yomiuri Shimbun. “The price was not a problem.”
“We could not sell the team to partners who had sought to disband it and sell its assets on a piecemeal basis,” he said. “We also needed to protect the jobs of hundreds of people and we think it was a good conclusion.”
A Honda spokesman declined to reveal financial details of the deal.
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