TOKYO, Dec. 5  -- The Honda Motor Co. Friday announced it has withdrawn its sponsorship on the Formula One auto racing circuit because of "widespread economic uncertainties."

Honda's chief executive officer, Takeo Fukui, said at a Tokyo news conference Friday the company -- the world's largest automaker -- experienced a 34 percent sales drop in November from last year, and that its F1 racing team is for sale.

"This difficult decision has been made in light of the quickly deteriorating environment facing the global auto industry," Fukui said. "Honda must protect its core business activities and secure the long term as widespread economic uncertainties continue to mount around the world."

The decision means about 700 people working for Honda's F1 team are unemployed, including its lead driver, England's Jenson Button.

Fukui said attempts would be made to find a buyer for the team before the start of the 2009 season. (UPI)