Potential buyers eye up Honda F1 team
Potential buyers have expressed interest in the Honda Formula One team, its chief executive said, after the car giant announced it would pull out of the sport without a new owner.
Three possible bidders have come forward in the last 12 hours, Honda chief executive Nick Fry told Radio Five Live, as he called the team a "desirable asset".
Even if a buyer is found, job losses among the 600 workers at the team's headquarters in Brackley, Northamptonshire have not been ruled out, a Honda spokesman said.
British driver Jenson Button will also be out of a job after nine years in F1 unless there is a late reprieve.
Mr Fry said: "I think we are going to be a desirable asset for somebody.
"We are very hopeful, as are most of the commentators in Formula One, that this team is going to take a big step upwards, so it is a big opportunity for somebody."
Honda Motorsport Corporation said it was pulling out of Formula One because of the global financial crisis.
Takeo Fukui, the chief executive of Honda Motors, announced at a news conference in Tokyo that the company would be willing to sell the team.
However, if a buyer cannot be found they will withdraw from the 2009 competition, ending the Japanese car giant's nine-year involvement in the sport.
Mr Fukui said: "This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the sub-prime problem in the United States, the deepening credit crisis and the sudden contraction of the world economies.
"Honda must protect its core business activities and secure the long term as widespread uncertainties in the economies around the globe continue to mount. A recovery is expected to take some time."
Federation Internationale de l'Automobile (FIA) president Max Mosely pledged to push through cost-cutting measures to help secure the sport's future.
He told Sky News: "Once the costs come down a lot of these good old Formula One entrepreneurs will come in and start a team or buy a team because they can do so for a reasonable amount of money. The trouble is at the moment it's too expensive."
A statement by the FIA called the current cost of competing in Formula One "unsustainable".
Honda Motor Corporation is dealing with faltering sales worldwide and the Formula One team is not the only casualty.
Yesterday, 490 temporary employees were told they would be laid off at the end of January, while last month 270 temporary employees were informed their contracts were not being renewed.
New day (slowly) rising – As Brasileirão gets underway, Brazilian football stumbles, rather than leaps into the future
The average Serie A crowd last year was 13,000 - comparable to Australia’s A-League.
by James Young
24 May 2013 04:31 PM
Monaco is a street circuit where driver ability is more important than anywhere else and if we take ...
by Gareth Purnell
24 May 2013 02:00 AM
Three weeks ago as I drove off the Eurostar, I remember thinking what a very long time it was until ...
by Martin Ayres
23 May 2013 05:29 PM
Christian Benteke tells Aston Villa not to stand in his way if a 'club like Arsenal' come calling
After racist remark, Sergio Garcia fights for reputation as Tiger Woods slams 'hurtful' fried chicken joke
Borussia Dortmund v Bayern Munich: 50 things you need to know about the Champions League final
Manuel Pellegrini must deliver five trophies in five years at Manchester City says chief executive Ferran Soriano
Major refinancing sees Manchester United slash interest bill by £10m a year
- 1 Liam Gallagher slams Daft Punk: 'I could have written Get Lucky in an hour'
- 2 What, let gays get married? We must be bonkers
- 3 'Something passed underneath us, quite close': Airbus A320 has close encounter with UFO
- 4 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
- 5 Two bailed after arrest over Woolwich attack Twitter comments
BMF is the UK’s biggest and best loved outdoor fitness classes
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.