Honda boss reveals early interest in buy-out

Honda CEO Nick Fry today revealed a trio of prospective buyers have already made clear their interest in taking over the team.

The Japanese giants have confirmed they are pulling out of Formula One, a decision made in light of the global financial crisis and in a bid to preserve their core business activities.

The announcement has understandably sent shockwaves throughout the sport, and there are fears other teams could follow suit.

However, Fry remains hopeful new owners will be found and the team will be on the grid for the start of next season in Australia on 29 March.

"In the last 12 hours we've had three serious people come to us and suggest they would like to buy the team, so we're still hoping to be there in Melbourne," Fry told BBC Radio 5 Live.

The development of next year's car is already at an advanced stage, with Fry believing the team in its present guise should be seen as a valuable commodity.

He said: "The one thing I would say is that this is a completely different situation from prior Formula One teams stopping."

Honda team principal and former Ferrari technical director Ross Brawn told BBC Radio Five Live: "It's a fantastic opportunity for someone to step into what will be a very competitive team next year.

"The facilities here are one of the best in Formula One, the workforce is definitely one of the best in Formula One and we have got a great car design for next year.

"I am sure we will get a lot of interest. It is filtering that out into serious proposals and understanding what level the investors or new owners would want to operate at.

"We have got aspirations to be at the front of the grid and we want to find people who have the same ambitions."