So the Honda Formula One team's battle for survival has been won, after a takeover orchestrated by former Honda technical director Ross Brawn.

Read the details Brawn’s takeover of Honda F1

The team will be rebranded 'Brawn GP' and, in the sensible interests of continuity, last year's driver line-up of Jenson Button and Rubens Barrichello will be retained.

The cars, now fitted with Mercedes V8 engines in place of their original Honda units, will take part in the final two pre-season tests at Jerez and Barcelona before making their race debut in the opening round of the title chase on March 29 in Melbourne.

Brawn's success in pulling the team back from the brink of extinction must be roundly applauded.  The former Ferrari technical director, who took a year's sabbatical from F1 in 2007, made a seamless transition to the role of Honda team principal on his return to the sport in 2008. Now we will all be watching with interest to see how he settles into yet another new job.

Most importantly, even if there are to be some redundancies among the 700-strong workforce at the team's Brackley headquarters, the fact that the team will survive at all represents a happy moment for the sport and this team's dedicated employees at a time when the world seems to be dominated by unalloyed economic gloom.

Honda also deserves some credit because it seems that they have finally appreciated that, rather than spending millions on redundancy packages, it would be better to invest that cash into ensuring the team's survival, albeit in the hands of others. A good news day indeed.

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