Bidders could save Honda team
Updated on 05 December 2008
Honda are planning to pull out of Formula One but three bidders are interested in buying the team.
The global economic downturn has forced the team's parent company to cut costs and they have decided to sell off the Formula One team despite investing millions in designing a car and engine for 2009.
Honda's president and chief executive Takeo Fukui said: "Honda has taken swift and flexible measures to counter this sudden and expansive weakening of the marketplace in all business areas.
"However, in recognition of the need to optimise the allocation of management resources, including investment regarding the future, we have decided to withdraw from Formula One participation.
"We will enter into consultation with the associates of Honda Racing F1 Team and its engine supplier Honda Racing Development regarding the future of the two companies. This will include offering the team for sale."
If the team is sold, Honda's British driver Jenson Button is likely to be protected because he has a contract with the team and could continue driving for a new owner.
But his future in the sport would be in doubt if the team is not sold because the only remaining vacant seats in Formula One for next season are at Toro Rosso.
Nick Fry, chief executive of Honda Racing, has revealed the team could still take part in the first race of the season in Australia in March.
He said: "In the last 12 hours we've had three serious people come to us and suggest they would like to buy the team, so we're still hoping to be there in Melbourne.
"The one thing I would say is that this is a completely different situation from prior Formula One teams stopping," added Fry.
"This team is one of the best funded, has the best assets, the best resources in the pit lane, a fantastic group of people, and a car designed by Ross Brawn, who has won many world championships, and is ready to go next year.
"I think we are going to be a desirable asset for somebody.
"We are very hopeful, as are most of the commentators in Formula One, that this team is going to take a big step upwards, so it is a big opportunity for somebody."
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