Honda saddened by Michelin exit

The French tyre manufacturer announced on Wednesday that it would pull out of F1 at the end of 2006 because it is unhappy that the sport is switching to a single-tyre formula.

Honda Racing boss Nick Fry, whose team have worked with Michelin since the start of 2004, said he was unhappy about the decision but fully understood the reasons behind it.

"The Honda Racing F1 Team is saddened by the news that our tyre partner Michelin has decided to leave Formula One at the end of next season," said Fry in a statement.

"Over the course of the past three years we have forged a very strong partnership and shared many special moments in our team's development. Whilst we believe that Michelin's departure will be a sad loss for the sport, we understand their reasons for this decision.

"We thank Michelin for the contribution it has made to our team and we look forward to working with the company for one final year in 2006. For our part, we will be doing everything possible to ensure that next season is the most successful yet for ourselves and Michelin."