Global financial crisis is starting to effect the Formula 1. The new F1 season opens at the Australian Grand Prix on 29th March 2009. But the participation of Team Honda is not sure.

The team bosses Ross Brawn and Nick Fry informed the near 700-member team about the decision late Thursday and a formal announcement will be made from Japan on Friday.

The Japanese car manufacturer Honda has a operating budget of around $294 million. But that is only enough to keep the team running into early 2009. The escalating operational costs have put the outfit in danger of shutting down if a new sponsor is not found quickly.

Ross Brown is optimistic about finding a new sponsor and looking to Ferrari get the engines for the new season. Dubai based Dubai International Capital (DIC), which is belongs to the ruling family of Dubai is a potential sponsor who also showed the interest in sponsoring "Super Aguri" team. Japanese team Super Aguri, which was backed by Honda, pulled out of F1 earlier this year.