Honda surprised many when it announced its withdrawal from the world of Formula One racing late last year. Following the amazing success of Honda’s former team, Brackley-based Brawn, there were suggestions that the Japanese automaker may eventually return to the competition.

Any hope of that happening has now been quashed by the automaker’s newly appointed chief Takanobu Ito. Speaking with Reuters, Ito explained that F1’s new restrictions have made the sport less attractive and reduced the motivation to rejoin.

"It was a real shame that we had to leave Formula One," Takanobu Ito, who took over as chief executive last month, told a media gathering in Tokyo. "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.”

While there isn’t much of a chance of Honda competing in F1 anytime soon, the automaker’s Suzuka circuit may be used to host the Japanese Grand Prix now that Toyota's Fuji International Speedway gave up its hosting rights for 2010 and beyond.