TOKYO, March 6, 2009 (AFP) - Honda Motor Co. Ltd. said Friday that it had sold its Formula One team to former principal Ross Brawn who hopes to have it competing in the upcoming world championship.

'Honda has announced the sale of the Honda Racing F1 Team (HRF1) to Ross Brawn, the former Team Principal of Honda Racing F1 Team,' the automaker said in a statement.

'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,' it said.

'As a result of this sale, the team ownership has transferred to Mr Brawn, who plans to have the new team compete for this year's FIA Formula One World Championship.'

The statement did not mention the sale price.

Honda made a shock announcement in December that it was exiting Formula One as a result of the global economic downturn.

Hiroshi Oshima, the managing officer of Honda's motor sports, said in the statement: 'We have conducted various studies and discussions so that the team can continue its activities as a new team.'

He added: 'We are very pleased that we could sell the team to Ross Brawn, with whom we have been partaking in the challenges of F1 competition, and are grateful for his decision.'