British American Tobacco on 4 Oct 2005 confirmed that it had agreed the sale of its 55 per cent stake in BAR Honda to Honda Motor.

The sale is expected to take effect by 31 December 2005. With Honda’s existing 45 per cent shareholding, purchased in January 2005, this transaction will give Honda complete ownership of the team. The BAR Honda team (then British American Racing) was established by British American Tobacco in 1997. After a challenging first few years it rose to second place in the 2004 FIA Constructors’ World Championship, one of the quickest ascents of a F1 team. British American Tobacco intends to remain as the title sponsor, through Lucky Strike, for the 2006 season, but will honour its long-standing commitment to exit Formula One sponsorship at the end of that season. This is consistent with the International Tobacco Marketing Standards, to which British American Tobacco voluntarily subscribed in 2001, along with its major international competitors. (ci)