As sad as it is, it's true. Jamie discovered the news today on the official F1 website, where Honda Motor Co., Ltd. President and CEO, Takeo Fukui's full statement is posted.
Here's a snippet from the press release:
“We, Honda Motor Co., Ltd., have come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season of participation.
This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies..."
Even though it's an understandable move made by the execs at Honda, as a big fan of Formula One, and a Honda motor sports enthusiast, it's really kind of sad to hear this news. The full story, and announcement can be found here.