PSA Deny F1 Interest

Following consistent rumors in the Belgian media concerning a future buyout of Honda's F1 team, Group PSA dismissed the possibility of pumping money into an F1 project in the near future. PSA Peugeot-Citroen officials argued that the current economic crisis does not favor – nor it explains – pumping money into a costly sport like Formula 1.

“It's totally false. We are having big problems with sales, just like all the manufacturers. We have other things to think about other than considering going in F1,” insisted Peugeot Sport spokesman Jean-Claude Lefebvre, according to Italian newspaper Gazzetta dello Sport.

The PSA Group was rumored to make certain inquiries on Ross Brawn't outfit shortly after the World Motor Sport Council has voted, last Friday, the new cost-cutting plan aimed to dramatically reduce costs inside the Great Circle in the following years. With the new rules, it is believed that teams' budgets for 2009 will be reduced by almost 30%.

Some media sources suggested that PSA were interested in joining Formula 1 action as a completion of their motorsport programme. Citroen are currently dominating the World Rally Championship through 5-time winner Sebastien Loeb, while Peugeot are a top team in the Le Mans sportscar competition.

Honda announced that they will only fund the F1 team until March next year, after which they will cease all motorsport contacts with Ross Brawn's team. Nick Fry, Chief Executive Officer for Honda's F1 outfit, revealed that there are at least 3 investors waiting in line to buy the team from the Japanese car maker.

ART Grand Prix is also believed to be considering buying Honda's F1 team for the upcoming season, as the GP2 outfit is allegedly waiting for the right moment to make the big step into Formula 1.