Honda given a month to sell F1 team or close

Honda Formula One driver Jenson Button of Britain sits in his car during a F1 testing session at the Catalonia racetrack in Montmelo, near Barcelona, November 19, 2008.

LONDON (Reuters) - Honda have put their Formula One team up for sale and will close it down if no buyer is found by the end of the year, a senior source at a rival team told Reuters on Thursday.

"They have a month to find a buyer, otherwise they are closing the team," the source quoted Honda team bosses Ross Brawn and Nick Fry as telling a meeting of the Formula One Teams' Association (FOTA).

(Reporting by Alan Baldwin, editing by Ken Ferris)