Honda Motor Company CEO Takeo Fukui apologised to Jenson Button after the Japanese manufacturer announced its withdrawal from Formula One.
"It's a real shame and I feel deeply sorry for Jenson Button," Fukui told a news conference.
"We had no choice in the current financial conditions."
Button's future in Formula One was thrown into doubt after Honda pulled the plug on the Formula One team with immediate effect.
Managing Director Hiroshi Oshima admitted they were yet to hear from the British driver.
"I didn't speak to Jenson so I don't know his reaction," Oshima was quoted as saying by Reuters.
"Ross (Brawn) and Nick (Fry) were of course extremely disappointed but were very professional. They understood the economic climate and Honda's reasons for closing down the operation."
Honda's F1 team have been put up for sale and they are hopeful they will be on the grid in 2009.
If they fail to race, however, Button's options are very limited, with nearly all teams having confirmed their line-ups for next year.