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Honda yet to find 'serious' buyer for team

23 Feb 2009


Honda admitted today they have yet to find a "serious buyer" to save the Formula One team.

The Japanese car manufacturer quit the sport in December because of the credit crunch.

Although they have been in talks with several parties - including Richard Branson's Virgin Group - the chief executive of Honda Motor Company admitted today hopes of a deal were fading.

Takeo Fukui said: "There are various offers, but we have not seen any serious buyer yet. We find the sale process difficult."

F1 supremo Bernie Ecclestone yesterday revealed an offer to help with a management buy-out was rejected by team bosses.

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