Honda has announced that the Honda Formula One team, based in Brackley in England is up for sale. Honda has decided not to participate in this year’s FIA Formula One World Championship in light of the tough economic times that almost everyone in the auto sector is experiencing.

Honda, who came back into the sport full-time after buying out the rest of British American Racing, a team it used to supply with engines, are once again leaving like thay have done in the past. In these tough economic times, nobody can fault Honda for quitting the pinnacle of motorsport.

One of the main reasons carmakers join Formula One is to promote their products to the audience. The lack of an American and Canadian Grand Prix in the upcoming season may have helped in Honda’s decision to quit, as North America is one of the most important markets for the company.

The future of all of the team’s employees, including drivers Jenson Button and Rubens Barrichello are still clouded in doubt as Honda have yet to find a buyer.

Meanwhile, Toyota, the other Japanese manufacturer in F1 has repeatedly said that they are in F1 for the long haul and have no plans of quitting anytime soon.