Prodrive poised to buy-out Honda

398px-David RichardsProdrive chairman David Richards has flown to Kuwait to negotiate a possible takeover of Honda Racing.

The former BAR and Benetton Team Principal emerged as one of the most likely buyers for the team following Honda’s decision to pull the plug on grand prix racing,

Richards is believed to be negotiating with Kuwait-based Dar Company (TID), who are shareholders in Prodrive, to secure a rescue package for the Japanese manufacturer.

“There are a group of people in the Middle East who want to support a Formula One entry for me and have been very specific about it for a year now. But we have to agree when the timing is right,” Richards told The Mail on Sunday.

“When you sit down in the cold light of day and realise the liability you would be taking on, and the huge restructuring of staff and resources that will be needed, investors will have to think long and hard before taking a punt.

“You will have to bridge a big gap in finance, probably for three years, before balancing the accounts.”

Richards was poised to re-enter Formula One in 2008 as a customer of McLaren-Mercedes, but he pulled out due to the lack of clarity about the rules governing customer packages.

The 56-year-old admits that a comeback is still very much on the agenda.

“I have not ruled out getting back into Formula One, it’s something I am very interested to do,” he said.