Button to Accept 50% Pay Cut in 2009

British driver Jenson Button is ready to accept a drastic pay cut ahead of the 2009 season in order to help his team survive financially through the upcoming year. As it recently emerged from several media reports in the UK, it seems that Honda have already agreed on a management buyout headed by team principal Ross Brawn.

However, as reported by The Daily Telegraph earlier today, the solution will come with some rather drastic budget cuts for 2009. First of all, no less than 300 people working at the Brackley headquarters (from a total of 700) will lose their jobs in the process, while not benefiting from advantageous compensatory packages, as reported by the aforementioned source.

Under the circumstances, Button allegedly agreed to a cut of 50 percent of his salary for 2009, meaning somewhere around $7.5 million.

In the meantime, it seems the Brackley F1 team – as the new team will reportedly be designated after the buyout would have been completed – might be hit by a series of strikes coming from members of the personnel. They are reportedly very unhappy with the management buyout decided by the Japanese manufacturer and are willing to go all the way to keep their jobs.

Ross Brawn & Co are yet to issue an official statement on the matter, as all information concerning a potential management buyout have emerged via “unofficial sources”. The new team – if any – will also have to clarify the latest information relating Rubens Barrichello to a potential stay with Brawn's team. Rumor has it that Brackley F1 is planning to keep the Brazilian driver for one more year, therefore leaving Bruno Senna's F1 future unclear.
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