LONDON, ENGLAND - Formula One's governing body vowed on Friday to ensure the sport was financially sustainable after Honda announced they were withdrawing from the championship.

"The announcement of Honda's intended withdrawal from Formula One has confirmed the FIA's longstanding concern that the cost of competing in the world championship is unsustainable," the International Automobile Federation said in a statement.

"In the FIA's view, the global economic downturn has only exacerbated an already critical situation.

"As the guardians of the sport, the FIA is committed to working with the commercial rights holder and the remaining members of FOTA (the Formula One Teams' Association) to ensure that Formula One becomes financially sustainable."

(Reporting by Alan Baldwin; Editing by Peter Rutherford)