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Honda and BAT joint venture buys BAR F1 team
The BAR Formula One team has been bought by a joint venture between Honda and British American Tobacco (BAT), both companies said yesterday. BAT owns 55 percent of BARH Limited with Japanese Honda holdingthe other 45 percent. BAT, who started the team in 1999, had previously owned 90 percent of the shares with the rest divided between a handful of co-founders. The tobacco company said it intends to exit the sport as legislation against tobacco advertising comes into force. A European Union directive will ban all print and radio advertising as well as event sponsorship by tobacco companies fromAugust 1 this year. BAR, with Briton Jenson Button and Japan's Takuma Sato, was runner-up to Ferrari in the constructors' championship last season.
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