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Takanobu Ito, who took over from former chief executive Takeo Fukui, backed his predecessor's decision to withdraw Honda from Formula One and hand over the Brackley-based team to its current owners headed by Ross Brawn, who has since turned the team's fortunes around and is currently leading the Formula One driver's and constructor's championship.
"It was a real shame that we had to leave formula one," Ito is quoted as saying from Tokyo.
Aside from financial considerations, Ito suggested that the regulatory restrictions have made Formula One a less attractive proposition than before.
"On the other hand, F1 is becoming less of a medium in which companies can test their various strengths and more of an event with mounting restrictions. There's little room for us to challenge new fields, so bearing in mind the current state of series, I don't think we have the desire to return, even if the economy improves," he added.
