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Honda F1 Team Will Race In '09 Season After Management Buyout
Published February 27, 2009
|Honda Team Principal Ross Brawn Leads
Management Buyout Of Honda F1 Team
NOT SO CUT AND DRY: In London, Tom Cary reports Honda Racing F1 CEO Nick Fry, Brawn and three other directors "finally convinced Honda's board in Tokyo to hand over a sum, believed to be in excess of $100[M], to enable the new team to continue racing in 2009 at least." However, Cary notes the buyout of the Honda team is likely to mean a "pay cut of roughly" $7.5M for Button, as well as some 250-300 staffers likely to losing their jobs, "including the test team -- with those remaining taking substantial cuts in pay." But Cary notes unrest at the team headquarters "regarding the proposed takeover, with suggestions that workers may be prepared to go on strike," as "disgruntled employees called the management together [Thursday] to voice their concerns and were left anxious at the lack of answers." One "major bone of contention revolves around the redundancy packages on offer, which are less generous under the new regime than they would have been had Honda wound up the company" (London TELEGRAPH, 2/27).
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