Tokyo  - Honda Motor Co sold its Formula One racing team to its former manager Ross Brawn, Japan's second largest carmaker announced Friday in Tokyo.

Honda pulled out of F1 in December, citing the global economic crisis, since then the Brackley, England-based Honda Racing F1 Team (HRF1) team fought for its survival.

"The entire shares of the HRF1, held by Honda GP Holdings Ltd, the UK-based holding company for HRF1 that managed all operations of Honda's Formula One racing, were sold to Ross Brawn," a company statement said.

In a first statement issued late Wednesday, Brawn said the last months had been extremely difficult for the team "but today's announcement is the very pleasing conclusion to the strenuous efforts that have been made to secure its future."

Hiroshi Oshima, Honda's motor sports managing officer, said that since the announcement of Honda's exit from F1 in December they "conducted various studies and discussions so that the team can continue its activities as a new team."

"We are pleased that we could sell the team to Ross Brawn," Oshima said.

Japan's number two carmaker after Toyota expects profits to drop to 80 billion yen in the fiscal year ending March 31.

The new Brawn GP Formula One Team's racing car is reportedly ready for the season-opening Australian Grand Prix on March 29 with Mercedes delivering the engines and Briton Jenson Button and Brazilian Rubens Barrichello the driver pairing. (dpa)