From GMMHonda announced on Friday morning its shock withdrawal from formula one.
The more than 700 staff at the Japanese team's Brackley (UK) headquarters were informed by bosses Ross Brawn and Nick Fry on Thursday, and fellow teams learned of the decision at the FOTA meeting in Geneva.
A public statement from Tokyo, grappling with news of plummeting sales of road cars, is expected early on Friday, amid rumours the outfit is up for sale and faces complete closure should a buyer not be found by January.
It is understood
Honda will take responsibility for any debts, and would hand over the team to a buyer for a nominal price.
The news, amid the global financial crisis, comes after Honda's notable underachievement in the past two years despite one of the biggest budgets in the sport.
It would leave British driver Jenson Button, and his 2008 teammate Rubens Barrichello, without seats for the 2009 season, and scuppers the plans of young hopefuls Bruno Senna and Lucas di Grassi.
The 2009 grid would be reduced to just 18 cars, and spark fears that other manufacturers, whose commitment to formula one was considered perhaps less steadfast than Honda's, could follow suit.
Following the meeting of team bosses in Switzerland, FOTA confirmed in a statement that they "unanimously agreed" to more cost-cutting measures, including a "new low-cost engine" for 2011.
Spokespeople for Honda, and F1's governing body the FIA, declined to comment.
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