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Honda Racing's hopes of competing in F1 this season appear to have suffered a crucial blow after their Japanese bosses stated they have been unable to 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.
Speaking at a news conference, Takeo Fukui said: "There are various offers for the team, but we have not seen any serious buyer yet.
"We find the sale process difficult."
Fukui's comments come after a week of frenzied speculation relating to Sir Richard Branson's Virgin Group.
Branson, though, made it clear over the weekend that although he loves F1, any entry would be conditional in terms of costs and the sport becoming more environmentally friendly.
There have also been constant rumours of a management buy-out led by Fry and Brawn, but all within Honda have remained tight-lipped.
As for Ecclestone, he has conceded to being surprised his offer of help was rejected.
"I tried to help with the management buy-out," said Ecclestone in the News of the World.
"They should have taken what I offered. It was a very good offer for everybody concerned.
"It gave them complete protection, but they wanted to do things on their own.
"Now all we can do is hope and pray."
With the season-opening Australian Grand Prix just five weeks away, and with the cars required to head out a week in advance, time is against Honda Racing.
In particular, as their apparent engine suppliers in Mercedes are understood to have imposed a deadline of this week for guarantees the finances will be in place.
However, the ominous words of Fukui - who is to step down from his role in June - appear to make it clear any rescue will now be of the 11th-hour variety.
I bet Fry will still have that stupid grin on his face when the news is made official.
Branson will be too late to make any difference, especially if his Trains are anything to go by.
Honda F1 to race again!http://www.f1network.net/main/s169/st140565.htm
By Phil Huff
February 23 2009
RealHondaF1.com understand a management buyout of the Honda Racing F1 team has been completed, with a change in the senior staff also taking place. With news of significant, but specific, job cuts, we expect to see an official announcement on the future of the team this evening or early tomorrow morning. Our sources indicate to us that the most significant change to the management will be the exit of Nick Fry, who we believe has been looking for a senior role in another sport in recent months. A further senior staff member is also thought to have exited the team.
Job cuts, whilst unfortunate, are to be expected. Our understanding is the test team and engine groups have been disbanded, something that makes sense with the supply of Mercedes engines being serviced by their own staff, whilst the in-season ban on testing means the test teams at many of Honda’s competitors will also be made redundant.
Brazilian driver Bruno Senna was present at the factory late last week, and is expected to be confirmed in the second seat alongside Jenson Button.
This is an ever-changing subject currently, and we’re having difficulty separating fact from rumour. However, we do believe the above is correct. For the latest accurate news, keep checking RealHondaF1.com.
All is not lost it seems...Our sources indicate to us that the most significant change to the management will be the exit of Nick Fry, who we believe has been looking for a senior role in another sport in recent months.
Your not smiling your not smiling your not smiling any more!!!
Someone buy the f***ing team already, I'm tired of reading rumors.
- By darwin daliYeah, not very active here, unfortunately. Is it […]
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