17/04/2006
NEWS STORY
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It seems that as far as Honda is concerned, the policy is 'no expense spared', as the company bids to take Jenson Button to World Championship glory.
In a report for The Sunday Express, Christian Sylt and Caroline Reid, claim that the Japanese giant has spent "more than £100m" in its efforts to guide the Englishman to championship success.
In 2004, BAR received £21.5m in sponsorship from British American Tobacco (BAT), however, following the European Commission's ban on tobacco companies backing teams, this has now ceased, with Honda buying BAT's stake in BAR in 2005.
Latest accounts reveal that although Honda GP (formerly BAR) halved its losses in the financial year ending 2004, it still made a £10.2m operating loss on a turnover of £59.7m.
At the end of 2004, BAT's investment left BAR with a (net) debt of £146m. However, a third of the money owed to the tobacco company was cleared when Honda bought a 45 percent stake in the Brackley outfit in January 2005, with the further £100m being repaid when Honda took total control in December of the same year.
It is understood that Jenson Button's salary in 2006 is £10.2m - three times what he earned in 2005.
In the accounts, parent company, the Honda Motor Company, states that it will continue providing "such funds as are necessary to allow the company to continue trading."
For a team still to win its first Grand Prix, these are mind-boggling figures.