Honda yet to find a ‘serious buyer’

HONDA RACING’S hopes of competing in Formula One this season appear to have suffered a crucial blow as their Japanese bosses have today stated they cannot find a “serious buyer” for the team.

The news comes after F1 supremo Bernie Ecclestone revealed an offer to help with a proposed management buy-out was rejected by current chief executive Nick Fry and team boss Ross Brawn. Honda surprisingly pulled out of F1 in early December, citing the global economic crisis, with the team immediately put up for sale.

Hopes were high they would be saved, despite the overheads needed to keep a team on the grid, so sparing the 700 jobs – including that of driver Jenson Button – at the team’s Brackley HQ. But the chief executive of Honda Motor Co. has confirmed they are struggling to find their knight in shining armour.