We must stay positive claims Button

Jenson Button has vowed to remain positive after shaking off the shock of learning of Honda's withdrawal today from Formula One.

The global credit crisis, resulting in a dramatic slump in car sales for the Japanese manufacturing giant, has forced Honda Motor Co Ltd to pull the plug on their £200m-per-year F1 operation.

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It means after nine years competing at the pinnacle of motor sport, British driver Button stands on the brink of being without a drive for next season unless a buyer can be found.

However, there is potentially hope on the horizon as Honda Racing chief executive Nick Fry has confirmed three overseas parties have expressed an interest in a potential buy-out, most likely from the Middle East.

The only other option open to Button is a race seat with Toro Rosso who are the sole team yet to confirm their line-up for 2009.

For now, Button knows his future is bleak, although the 28-year-old feels the picture is not as bad as when he first learned of Honda's pull-out.

"It came as much of a shock to me as everyone else, and the first couple of hours were the most painful," remarked Button.

"But after that I thought, 'What's the point of being down and trying to look at every reason for it?'.

"It's not going to change, so we just have to try and be positive, and after speaking to (team principal) Ross (Brawn) and a few other people, there are positives.

"The thing is we need to stay positive in ourselves, and as one team, because if we're not, then who is going to be interested in taking us over?"

Honda are hoping a credible buyer will be found before Christmas, although it will naturally take longer for a deal to be finalised.

Fry, though, sees no reason why the team will not be lining up on the grid for the opening race of 2009 in Australia on March 29.

"The one thing I would say is that this is a completely different situation from other Formula One teams stopping," added Fry.

"This team is one of the best funded, has the best assets, the best resources in the pit lane, a fantastic group of people, and a car designed by Ross Brawn, who has won many world championships, and is ready to go next year.

"We are going to be a desirable asset for somebody, and we are very hopeful, as are most commentators in Formula One, that this team is going to take a big step upwards.

"Clearly the global economic situation is weak, but for someone who wants a fully-fledged F1 team that is really teetering on the edge of what could be an extremely good season, this could be a bargain."

For now, the funds are in place - courtesy of Honda - that will see the team through to the end of March. If there is no takeover, a 700-strong work-force at the team's headquarters in Brackley will lose their jobs.

But after nine seasons in F1, three as a works team in their own right, Honda's demise serves as a wake-up call to the other nine teams currently vying for survival at motor sport's peak.

Max Mosley, president of motor sport's governing body the FIA, made it clear only recently that disaster was on the horizon unless stringent cost-cutting measures were taken.

Mosley takes no pleasure from seeing his words bear fruit.

He said today: "What has happened (to Honda) is very sad because obviously it involves a lot of jobs and they are a key player in Formula One, and have been repeatedly over the years, but I have to say it was not entirely unexpected.

"I've been expecting one of the major manufacturers to stop for some time because even before the current situation the costs were completely out of control.

"Now it's difficult to imagine how any manufacturer could stay in unless we make really substantial reductions in costs.

"I think it is a wake-up call. I'm hoping to have a meeting with the teams over the next few days and we will discuss it, but I don't doubt now there is a real sense of urgency."

From 2010, Mosley is demanding teams operate on a budget of around £30-40million per annum, and to achieve this he is offering an engine and gearbox package for £5.49m per season.

The remaining manufacturers will not use the Cosworth engines being offered, but there is the chance to continue to employ their own, albeit without development.

Expressing his displeasure at the millions of pounds being wasted, Mosley added: "If you go into the detail, it is completely mad what goes on at the moment.

"Huge sums of money are spent to gain the tiniest advantage, and it is that we have to stop."

Formula One supremo Bernie Ecclestone typically pulled no punches as he delivered his own damning verdict on the frivolous nature of the sport.

"If you and I wanted to run a Formula One team, we wouldn't have to spend what they are spending at the moment," remarked Ecclestone.

"The trouble is the teams are basically run by technicians who should probably be at home playing with their PlayStations rather than spending fortunes to win races!

"The average guy in the street doesn't care how many cylinders the car has, or what the capacity of the engine is.

"We are in the business of entertainment and we should be building race cars to race."