Honda apologizes to Button
Button, a winner for Honda in Hungary in 2006, is in danger of being left without a drive next season, though some teams have yet to confirm their lineups.
Brazilian Bruno Senna, the 25-year-old nephew of the late triple world champion Ayrton, had also been tipped to take the place of compatriot Rubens Barrichello at Honda in 2009.
"It's a real shame and I feel deeply sorry for Jenson Button," the CEO of Honda Motor Takeo Fukui told a news conference. "We had no choice in the current financial conditions."
"I didn't speak to Jenson so I don't know his reaction," Oshima told reporters. "Ross Brawn and Nick Fry were of course extremely disappointed but were very professional.
"They understood the economic climate and Honda's reasons for closing down the operation."