Honda F1 team expected to survive

The former Honda Formula One team sent a clear message that they will be racing this season when chief executive Nick Fry said on today that an announcement was expected "very shortly".

While avoiding direct confirmation that a management buyout had been successful, Fry made it clear that he saw a future for the team.

"I think it's correct to say that our team has and will benefit in the future from FOTA in two ways," he told a news conference held by the Formula One Teams' Association (FOTA) to outline their blueprint for the sport's future.

"The first one is clearly that the cost reductions will help us enormously in the challenges that our team will face in the next two or three years.

"As important in the cost reduction is the level of support that we've enjoyed over the last three months from all the teams," he added.

Parent company Honda announced in December that it was pulling out of the sport, leaving the team desperately seeking a buyer before the season starts in Australia on 29 March.