Sports Mole rounds up all of the latest news regarding Formula 1 on Monday, November 9.

Monday morning's Formula 1 news roundup:

Honda leaving F1 for financial reasons - Carey

Honda is leaving Formula 1 for financial reasons.

That is the view of F1 CEO Chase Carey, contrary to the Japanese manufacturer's official explanation as to why it is ending its collaboration with Red Bull and leaving the sport after 2021.

"Honda has decided to strive for the realisation of carbon neutrality by 2050," the carmaker announced last month.

However, Carey is quoted by Marca sports newspaper: "I think the decision was made primarily because of economic challenges within the Honda group.

"I think that was the main problem."

Others, however, believe Honda simply concluded that continuing to try to catch the ultra-dominant Mercedes was too expensive under the current 'power unit' rules, which are scheduled to keep running until the end of 2025.

"There is no doubt that the economics with this Formula 1 engine must also be taken into account," Carey admitted. "But I think that Honda felt that greater economic pressures were coming and some decisions had to be made."

Indeed, Carey said he is upbeat about the future of Formula 1's engine regulations.

"We are seeing increased interest in the next generation of engines, from both inside and outside of Formula 1," he said.

"We are getting more and more support, not only from manufacturers who are committed to the sport but also those who are not here already."

Red Bull may need Perez's sponsorship - Albers

Sergio Perez is still in the running to become Max Verstappen's next teammate at Red Bull, according to former F1 driver Christijan Albers.

The rumour mill suggests that if the struggling Alex Albon is ousted, Nico Hulkenberg - who is Verstappen's preferred pick - is the favourite to replace him.

"I don't think that's right," Albers told De Telegraaf.

"Soon Red Bull will be tackling this engine problem and it will cost them dearly," he explained, referring to Honda's looming departure from F1 after 2021.

Indeed, Red Bull is considering going it alone with Honda's IP and operations after 2021, and Albers thinks the team would enjoy the backing that Perez's Mexican sponsors could provide.

"Think of Robert Doornbos," Albers said. "I think in 2006 he paid 12 million to do several races for Red Bull. I don't think it's right to say that Red Bull don't need money.

"They used to pay $25 million to use Renault engines and after that they not only received free Honda engines but also additional sponsorship. So it's a problem when they lose that."

However, one unnamed team boss said the amount of backing provided to a team by Perez's backers is in fact overestimated.

"If you subtract Perez's salary from the total, you only get about 3 million," he told Auto Motor und Sport. "And for that, your entire car is filled with the logos of Mexican sponsors."

More news from Formula 1:

Steiner wants Haas to keep racing for 20 years
Gunther Steiner wants the Haas team to keep racing long after his retirement. Read more.

F1 will shine light on Saudi Arabia's problems - Lammers
Controversy about the newly announced F1 race in Saudi Arabia will shine a light on the problems within the country. Read more.

Road to F1 ending for Jean Alesi's son
The road to Formula 1 for Jean Alesi's son appears to be over. Read more.

Ferrari needs 'three years' for F1 recovery - Berger
It will take Ferrari "three years" to put its championship ambitions back on track. Read more.

F1 teams to 'rotate' engineers from 2021
Even the smaller F1 teams will have to shake up their internal organisation to cope with the 23 scheduled grands prix next year. Read more.

Schumacher 'clearly' ready for F1 debut
Mick Schumacher says he is "clearly" ready for Formula 1. Read more.

Crash, covid infection hurt Stroll's form - team
Lance Stroll is suffering from a dip in confidence and the effects of his recent coronavirus infection, according to Racing Point. Read more.

Verstappen 'ready' to be F1 champion - Massa
Max Verstappen only needs a car capable of going two tenths faster in order to race to a world championship. Read more.