 Honda were the lowest-placed of the points-scoring teams in 2008
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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."
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It's the start of the sport as a whole feeling the pinch. Bernie Ecclestone has some serious thinking to do in the next few weeks
David Croft
F1 commentator, BBC Radio 5 Live |
BBC Radio 5 Live's F1 commentator, David Croft, said Honda's withdrawal would have profound implications for the sport as a whole.
"This has serious implications for F1, not just because there will be only 18 cars on the grid," said Croft.
"It's the start of the sport as a whole feeling the pinch. Williams are reported to be in financial difficulties, Toyota are trimming down their budget as well.
"Bernie Ecclestone has some serious thinking to do in the next few weeks."
Croft added Honda had told staff to prepare for an uncertain future.
"Honda spend around £200m annually and had invested heavily in next year as well, including bringing in Ross Brawn as their team principal, the man who masterminded seven world titles for Michael Schumacher," said Croft.
"But they are a car company whose sales have dropped by 41% in the last quarter, they're closing their Swindon factory for two months at the start of next year, and obviously feeling the pinch on a global scale.
"If no buyer is found by March, the Honda team will cease to exist in F1.
"They have enough money to run until March and members of staff have been put on three months' notice, some more, depending on their contracts."
The Japanese giant's F1 team endured a deeply disappointing 2008 season on the track, earning just 14 points, leaving them the lowest of the nine points-scoring teams.
In turn Britain's Jenson Button, who drives for Honda, found himself ranked 18th in the drivers' list, contributing only three points.
Only four drivers, each without a point to their name, ranked below him. Team-mate Rubens Barrichello earned the remaining 11 points.
Honda initially entered F1 as a constructor in the 1960s, withdrawing at the end of 1968.
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606: DEBATE
GordonMurray
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Honda bought out British American Tobacco in 2005 to form the Honda team for the 2006 season.
While the team finished fourth in the 2006 constructors' championship, they have since struggled to make an impact.
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