Virgin bid for Honda team

Virgin has made a bid for the Honda F1 team, it has been revealed today. News agency Reuters reports that the Virgin Group – known worldwide for its airline and music businesses, amongst others – prepared a buy-out deal for the team yesterday. The Brackley-based outfit has been looking for a financial lifeline since the Japanese parent company withdrew from the sport in December.

Reuters reports that an unnamed ”source close to the Japanese manufacturer” said: ”They [Virgin] have made a bid to purchase the team.”

A spokesperson for the Virgin Group declined to comment on the speculation, as did the team spokesperson.