According to several reports, Honda has put its F1 team up for sale and if the automaker doesn't find a suitor before the start of the season in March, it won't be campaigning in 2009.

An unnamed source told Reuters that Honda team bosses Ross Brawn and Nick Fry said, "They have a month to find a buyer, otherwise they are closing the team." Autocar reports that a media lunch was cancelled this week and that a staff meeting at Honda Team HQ in Brackley was called this evening and an official statement will follow tomorrow morning from Japan.

The reason for the decision is due to the current economic climate and the cost of developing a competitive car that abides by the 2009 rules. Finding someone to back the team during these tumultuous times is going to prove difficult and there's already talk that Bernie Ecclestone may step in to attempt to work out a deal to keep Honda around.

More information should follow tomorrow. Thanks to all who tipped in.

[Sources: Reuters, Autocar, ITV | Image: Clive Mason/Getty]