Honda F1 2008
A couple of weeks back Honda UK team CEO, Nick Fry suggested that he had received a substantial amount of enquiries regarding the sale of the Honda F1 team and that having whittled through them, had been left with ‘around a dozen’ suitable partners who would be considered to outline their bids and financial backing to team bosses in Japan.
At the same time Fry denied rumours that he was about to head a management buy out for the team, instead stating that he was acting on behalf of Honda-Japan, in screening applicants that were interested in taking the team on.
Since then Motorsport news has consistently reported that the Honda Racing team would be subject to a management buyout, led by Fry and team boss Ross Brawn. Last week saw F1 boss Bernie Ecclestone state that he would do all that he could to ensure the team remains in Formula One. While not being drawn on whether he would personally help finance the team, due to financial legalities within the sport, Ecclestone did none the less suggest that what ever barriers were put up, there was bound to be a solution possible.
Mercedes have already suggested that they would offer engines to the Honda team, always assuming that the buyer could put up a guarantee of payment for the estimated £8m per year. The team would have to make an almost immediate decision though as they have already suggested it will take six weeks to adapt the car for a new engine.
The latest F1 news in The Telegraph at the weekend has thrown a further spanner in the works, saying that a third, as yet unnamed party has thrown it’s name into the hat. What is more the company is described by a Honda source as being; “reputable, able to bring long-term financial stability, with a brand image known throughout the world,” the insider adds “Formula 1 would do well to have them onboard.”
It seems that not everyone at Honda agrees and the ‘offer’ is being considered by the Honda F1 management team as an ‘hostile bid.’ As the spokesperson says Honda Motor Co have to consider the best option for the shareholders and the 750 staff employed by the Racing team, but one thing for sure is that time is fast running out and a decision needs to be made within the next few days, if we are to see Honda starting the 2009 season.
1 comment so far
1 Brian // Feb 22, 2009 at 3:48 pm
I think that it’s a cryin’ shame that no one has bought Honda F1, not even current leadership. Maybe current leadership wanted Branson/Virgin to partner with them in the purchase, and Virgin wanted sole ownership… (why?)
By the way, Virgin could have sponsored a team for the past few years, even switched sponsorship from team to team… No need to buy a team! How about promise Fry and Brawn sponsorship of the team so that they can get a loan to buy it from Honda?