Published: Friday, February 27, 2009
Report: Honda buyout saves Formula One team
LONDON — Honda's Formula One team has been saved by a management buyout, a British newspaper reported Friday.
The Times of London said Honda, which dropped out of F1 in December due to the global economic downturn, will be on the starting grid for the Australian Grand Prix on March 29.
The buyout is being led by team principal Ross Brawn and will be funded by money from the Japanese automaker combined with money from F1 boss Bernie Ecclestone and sponsors, The Times reported.
The London newspaper also said Honda will test its new car at the Silverstone track next week.
The story only cited sources.
Calls to Honda were not immediately returned.
Honda announced its withdrawal from F1 late last year and has since fielded interest from potential buyers of the team based in Brackley, England, without any firm announcements.
British tycoon Richard Branson's Virgin Group had reportedly been interested in the team.
Honda, which did well as an engine supplier in the sport in the 1980s, could not continue that success when it became a stand-alone team after buying out BAR Racing in 2005.
Japanese team Super Aguri, which was supported by Honda, also pulled out of F1 in the 2008 season.
The Times of London said Honda, which dropped out of F1 in December due to the global economic downturn, will be on the starting grid for the Australian Grand Prix on March 29.
The buyout is being led by team principal Ross Brawn and will be funded by money from the Japanese automaker combined with money from F1 boss Bernie Ecclestone and sponsors, The Times reported.
The London newspaper also said Honda will test its new car at the Silverstone track next week.
The story only cited sources.
Calls to Honda were not immediately returned.
Honda announced its withdrawal from F1 late last year and has since fielded interest from potential buyers of the team based in Brackley, England, without any firm announcements.
British tycoon Richard Branson's Virgin Group had reportedly been interested in the team.
Honda, which did well as an engine supplier in the sport in the 1980s, could not continue that success when it became a stand-alone team after buying out BAR Racing in 2005.
Japanese team Super Aguri, which was supported by Honda, also pulled out of F1 in the 2008 season.
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