Honda set to race in Australia

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Although Honda pulled out of the sport in early December due to the global economic crisis, the team continued to work hard behind the scenes in developing the new car.

PA Sport understands that car is now ready to take to the track at a shakedown at Silverstone next week prior to running at the final test of the winter in Barcelona from March 9 to 12. Officially Honda are yet to confirm the details, in particular in relation to the proposed management buy-out that is understood to have saved the day.

That is being led by current team principal Ross Brawn and is now the only option open to Honda Motor Co. in Japan after they threw out the prospect of Sir Richard Branson's Virgin Group stepping in.

Earlier this week Honda CEO Takeo Fukui stated the Japanese giants were struggling to find a "serious buyer" for the team due to the sale process proving "difficult".

But it has since emerged a deal is close to being finalised with the management group, saving Jenson Button's F1 career and the majority of the 700 jobs at the team's Brackley headquarters.

Button has continued to train hard over the winter in the hope of a rescue package coming to fruition, and it is now virtually certain he will line up with the rest of the F1 field in Australia on March 29.

The only uncertainties relate to the new team name, the livery of the cars and the identity of Button's team-mate. Brazilians Bruno Senna, who finished runner-up in GP2 last season, and veteran Rubens Barrichello are the only two names in the frame.

Senna is favourite, not just because of his name, but also as he is seen as a bright prospect for the future and more easily able to attract the level of sponsorship required for the team to thrive.

Although the design of the chassis also remains a mystery, the team are to use Mercedes-powered engines, becoming the third on the grid to do so along with McLaren and Force India.