In the grip of the global financial crisis, Honda's formula one team has cancelled its usual annual post-season media lunch.

In the grip of the global financial crisis, Honda's formula one team has cancelled its usual annual post-season media lunch.

About 40 lucky guests were set to meet with chiefs of the Japanese squad this week at the plush Le Manoir aux Quat'Saisons restaurant, located near Oxford about a half hour drive from the team's Brackley (UK) factory.

However, in the wake of Japanese rival Toyota's decision to forgo an official launch event for its 2009 car, Honda chief executive Nick Fry is believed to have decided to cancel the lunch.

In an email of apology, Fry confirmed that "severe economic pressure" was to blame for the change of plans.

"Honda, like others, has been forced to put production on short-time," he explained.

"In light of this we do not think it would be appropriate to continue with our lunch," said Fry.

 

Be part of something big