Tokyo, Japan. October 4, 2005 - Honda Motor Co., Ltd. today announced that Honda has agreed to purchase all shares in BARH Ltd. Honda currently owns 45% of the equity in BARH Ltd., and will complete the purchase of the remaining shares by the end of 2005.
From the 2006 season, Honda will therefore participate in the Formula One World Championship Series with its own team, with the aim of winning the World Championship.
The F1 team will continue to be based in Brackley, Northamptonshire, UK, and work in cooperation with Honda Racing Development Ltd., located in Bracknell, Berkshire, UK.
In 2000, Honda signed an engine supply and joint chassis development contract with B.A.R, marking the start of Honda's third participation in the Formula One World Championship. In December 2001, the agreement was extended for 3 years, with provisions for the strengthening of the joint chassis development programme. Further strengthening of the structure for development came with another extension of the contract (through the end of the 2007 season) in July 2004, and Honda's purchase in January 2005 of 45% of the shares of BARH Ltd.
Editor's note: BARH Ltd. is the holding company of B.A.R Honda GP Ltd, which operates the BAR Honda F1 team. Its shares are currently owned jointly by British American Tobacco (55%) and Honda (45%).
Comment from Hiroshi Oshima, Operating Officer, Corporate Communications and Motor Sports, Honda Motor Co., Ltd.:
After discussing Honda's future F1 participation, we have decided that Honda should own 100% of the team. We greatly appreciate the partnership of BAT, which has managed the team with us until now, and we wish BAT the best of luck in its future endeavors. From next season, we will be even more energetic in our F1 activities, working hard as a team in order to improve our technology, develop our young engineers and achieve our goal of winning the World Championship. We look forward to your continued support.