Honda Team Principal Nick Fry has refuted allegations that he has a conflict of interest should he attempt to buy-out the Brackley-based outfit himself.
The Daily Mail reported that the Department of Trade and Industry, now the Department for Business Enterprise and Regulator Reform (BEER), had begun an investigation into Fry after being tipped off by Honda employees via their Daventry MP Tim Boswell.
The point of dispute was that Fry had a conflict of interest in attempting to take over Honda Racing while vetting other potential buyers at the same time.
Fry rigorously denies any wrong doing and told autosport.com: “I would like to make clear that Honda Motor Company, as the owners of the Honda Racing F1 Team, will decide on the future of our team following their decision to withdraw from Formula One.
“At all times during the process of securing the future of the team, senior managers from Honda Motor Company have been present at our HQ in Brackley to assist in making decisions and we have taken legal advice at all times, to ensure no conflict of interest.
“It is evident that attempts are being made by external parties to frustrate this process.
“However, we will not be deterred from our focus of securing a positive future for the team and its 700 employees and achieving our target of lining up on the grid in Melbourne for the start of the 2009 season.”
The Department for Business Enterprise and Regulator Reform denied that any investigation into Fry had taken place adding that they had received no contact from Tim Boswell.