Ecclestone: Honda pullout a 'wake-up call'

(GETTY IMAGES)

Formula One boss Bernie Ecclestone says Honda's withdrawal from the sport provides a "wake-up call" to overspending teams.

Ecclestone has spent much of the year campaigning with FIA president Max Mosley to get teams to reduce their costs, principally by agreeing to a standardised engine.

Ecclestone told Sky News television on Friday: "This is a wake-up call. Max and myself have been campaigning for quite a long time to reduce the vast amount of money spent to be competitive."

Ecclestone says fans don't care how many cylinders the car has or the capacity of the engine — they just want entertainment on the track.

Honda announced in Tokyo that it was pulling out due to the slowdown in the global economy.