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Honda will quit Formula One on Friday, BBC Sport understands.

The Japanese company hopes to sell its team, which costs £200m a year to run, but is prepared to close the team early in 2009 if no buyer is found.

Sources told BBC Sport the team were "optimistic" they would continue, but no investor had yet been found. However, according to the Reuters news agency, team bosses Ross Brawn and Nick Fry fear Honda could close the Brackley-based team within weeks.

According to a Reuters source, Brawn and Fry told a meeting of the Formula One Teams' Association: "They have a month to find a buyer, otherwise they are closing the team."

Honda, who recently cut road vehicle production as a response to the global economic crisis, are expected to make an announcement regarding the team's future at 0500 GMT on Friday.

It's the start of the sport as a whole feeling the pinch. Bernie Ecclestone has some serious thinking to do.

dont blame them, its shit.

Honda is pulling out of Formula One, blaming the world economic crisis for plans to sell its team.

The decision leaves Englishman Jenson Button and 2009 team-mate Rubens Barrichello without drives, with only a few mid-ranking seats still available.

Honda, which spent more than £300m a year on F1, said it would also no longer supply the sport with engines.

The team say they are optimistic they will find a buyer who will enable them to continue in the sport.

Chief executive Nick Fry said he has had three approaches already.

But a deadline of January has been set to find an investor and workers at Honda's Brackley base have been told to expect redundancy letters before Christmas.

"Honda Motor Co. has come to the conclusion that we will withdraw from all Formula One activities, making 2008 the last season for participation," said Honda president Takeo Fukui at an emotional press conference.

"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry... and the sudden contraction of the world economies," he added.

"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economics around the globe continue to mount."