Honda has just announced it has sold the Honda Formula One team to former owner Ross Brawn as Honda continues to cut costs during the tuff economic times. Honda initially announced in December 2008 it would sell the team to cut costs. The team is now called Brawn GP Formula One.

All of the shares were sold, the valuation was not disclosed, but Honda did say, “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,”

As a result of the sale, Brawn has dropped driver Bruno Senna, and kept Jenson Button and Rubens Barrichello. Brawn said, “The vast experience and knowledge that both drivers bring to our team will prove invaluable,”

Senna told autosport.com, “Ross [Brawn] was happy with my testing at the end of last year, but it just wasn’t enough for him to have the proof that I’m ready for Formula One. I respect his opinion.”