Buyout may save Honda’s Formula One team
28 Feb 2009
London: Honda's Formula One team, which dropped out of the F1 league in December last year, may have been saved by a management buyout, according to a report in the London Times yesterday. The team was unable to sustain operations in the face of the global economic downturn.
The Times said Honda will be on the starting grid for the Australian Grand Prix on 29 March.
The buyout is being effected by team principal Ross Brawn and will be funded by money from the Japanese automaker along with funds from F1 boss Bernie Ecclestone and sponsors.
The report also said Honda will test its new car at the Silverstone track next week. The report had no direct confirmations and only cited sources.
The Brackley, England-based Honda team is yet to confirm any such development. Ever since its withdrawal from F1 it has been looking for potential buyers.
Initially, till the 1980s, Honda participated in F1 as an engine supplier and became a stand-alone team after buying out BAR Racing in 2005.
Japanese team Super Aguri, also supported by Honda, pulled out of F1 in the 2008 season as well.