LONDON — Brawn GP says it is set to cut about 270 jobs from its 700-worker staff.

The announcement comes just after the team won the Formula One Australian Grand Prix on Sunday.

Jenson Button won the race with Brawn GP teammate Rubens Barrichello second for the team formed from the remnants of Honda. The Honda team pulled out of the sport in December amid declining auto sales, the global economic downturn and a reported budget of $300 million.

Team principal Nick Fry tells Monday's Daily Telegraph there will be about 270 jobs. He says workers losing their jobs at the Brackley factory in England had been informed by letters sent "about a week ago."

Brawn GP became the first team since 1977 to win its maiden Formula One race.