Honda has announced today a new owner for its Brackley-based F1 outfit in the form of former team principal Ross Brawn. The entire shares of the team, previously owned by UK holding company Honda GP Holdings Ltd., were sold to Brawn for an undisclosed sum earlier this week. As a result of this sale, ownership of the entire operation has transferred to Brawn, who plans to have the new team compete for this year's F1 season.

The latest announcement follows news that team staff at Honda's Brackley were previously told to prepare for imminent winter tests in Spain and subsequently the beginning of the 2009 season in Melbourne, Australia.

It's understood the 2009 race car has been adapted to fit a Mercedes Benz V8 engine and will commence testing in Spain on March 9. It remains unclear, however, what name the team will now operate or in what livery the cars will race. One possibility gaining credence is 'Brawn GP'.

As for the drivers, an official statement has revealed that Jenson Button and Rubens Barrichello will race for the new team.