Honda Motor Co announced the sale of the Honda Racing F1 Team to Ross Brawn, the former Team Principal of Honda Racing F1 Team.
The entire shares of HRF1, held by Honda GP Holdings Ltd, the UK-based holding company for HRF1 that managed all operations of Honda's F1 racing, were sold to Ross Brawn.
As a result of this sale, team ownership has transferred to Mr Brawn, who plans to have the new team compete for this year's FIA Formula One World Championship.
Hiroshi Oshima, Managing Officer of Honda Motor Co Ltd responsible for Corporate Communications and Motor Sports, said: "Since announcing our withdrawal from F1 on December 5, 2008, we have conducted various studies and discussions so the team can continue its activities. We are pleased we could sell the team to Ross Brawn, with whom we have been working in the challenges of F1 competition, and are grateful for his decision. We offer our best wishes for the new team."