Button and Barrichello to remain as Honda F1 team sold to Ross Brawn

Honda F1 Racing Team has been sold by its owner, Honda, to rescue it from a crippling financial crisis to former team principal Ross Brawn. The two team drivers Jenson Button and Rubens Barrichello would keep their seats as their experience would bring benefits to the new team. "The vast experience and knowledge that both drivers bring to our team will prove invaluable as we aim to get up to speed in the shortest possible time to be ready for the first race of the season," Ross Brawn said. The new team will now be known as Brawn GP Formula One Team. The Honda team had been struggling to stay afloat after falling victim to the global economic crisis. The new team will have to face a lot of hurdles in this year's championship where they make their debut and is heavily counting on the vast experience of the two drivers as well as Ross Brawn to help them carry forward.

Major Desicions Expected at FOTA meeting in Geneva

The senior management of the FOTA affiliated Formula One teams are meeting at the FOTA headquarters in Geneva, Switzerland for finalising their proposals aimed at increasing the stability, sustainability, substance and spectacle of the sport. Among those participating in the meeting include Mario Theissen from the BMW Sauber F1 team, Flavio Briatore from the Renault F1 team, Christian Horner from the Red Bull Racing team, Luca di Montezemolo from Ferrari and Ron Dennis from the McLaren group.

The absence of Vijay Mallya, the flamboyant owner of Team Force India, was conspicious by his absence.

A press conference will be held today to announce the decisions of the meeting.

FOTA [Formula One Teams Association]is a group of Formula One teams that was formed in 2008.