The embattled Brackley-based F1 team previously known as Honda could qualify for UK government aid as part of the car industry, the Guardian revealed today. The government will allocate a significant amount of money to help the car industry, of which a portion could find its way to Honda, providing they fulfil the necessary criteria. Today’s report in the Guardian suggests that Honda do indeed meet the requirements.
The team has been the subject of much speculation in recent weeks after the manufacturer’s withdrawal from the sport, and despite much interest, are yet to find a buyer. Various figures have been linked with the team, but as yet nothing has come to fruition. The team is considered value for money as they stand, but would expect a long term investment programme from any saviour. Government money could help in the short term but is unlikely to be a long term solution to the problem.
The government has four criteria to be met: the company must have a turnover of more than £25 million per year; they must be at the forefront of innovation; jobs must be created; and a move to reduce carbon emissions is also required. The team fulfils all of these, but the political implications of pouring taxpayer money into the sporting arena might be a disincentive for the government.