The Honda Racing F1 Team has been sold to Ross Brawn and will now be called 'Brawn GP' it was confirmed officially on Friday.

A statement said the team's new owner is Ross Brawn, also Team Principal of the Brackley-based outfit, whose BGP001 single seater will be powered by a customer Mercedes-Benz engine.

Brawn also confirmed 2008 Honda drivers Jenson Button and Rubens Barrichello as its continuing drivers.

"It is a great shame that having worked with Honda Motor Company for so long we can no longer continue together," Brawn, who was Ferrari's highly successful Technical Director from 1996 to 2006 before taking a sabbatical in 2007, said. "The journey ahead will be challenging but exciting."

Brawn GP said it will test the BGP001 at Barcelona next week, with both drivers in attendance, and subsequently at Jerez prior to travelling to Australia for the first race.


Full Honda statement

Honda Motor Co., Ltd. has announced the sale of the Honda Racing F1 Team (HRF1) to Ross Brawn, the former Team Principal of Honda Racing F1 Team.

The entire shares of the HRF1, held by Honda GP Holdings Ltd., the UK-based holding company for HRF1 that managed all operations of Honda’s Formula One racing, were sold to Ross Brawn. As a result of this sale, the 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: “Since announcing our withdrawal from Formula One racing on December 5 of last year, we have conducted various studies and discussions so that the team can continue its activities as a new team. We are very pleased that we could sell the team to Ross Brawn, with whom we have been partaking in the challenges of F1 competition, and are grateful for his decision. We offer our sincerest wishes for the new team which will be led by Ross.”