Ecclestone: Branson Would ‘love’ To Do Honda Deal
F1 supremo Bernie Ecclestone has given the clearest indication yet that the Virgin Group is on the verge of taking over the Honda F1 Racing Team after confirming that Richard Branson had informed him that he would ‘love’ to do the deal.
Honda, who decided to withdraw their investment in the sport last December, have confirmed Branson’s Virgin Group is one of several potential buyers of the F1 outfit.
Ecclestone has now added impetus to the deal stating: ‘I’ve spoken to Richard’s people about it. He would love to do it. I’d like it very much. It would be super. We’re working to try to make it happen.’
The Honda F1 team hope a deal can be done in time for the start of the 2009 season in Australia on 29th March, allowing them to retain their place on the grid.
It is thought the team is up for sale for £1 although any buyer would need to find a budget in the region of £40m to run the outfit for the new campaign.
Plans are in place for the team to use Mercedes engines, but the German company has set a deadline by which the team have to prove they have the finances in place to pay for the power-plants.
Since Honda’s announcement a number of investors have been linked by the media to a takeover bid including a planned management buyout led by the team’s current chief executive Nick Fry, principal Ross Brawn and three other senior Honda Racing executives.
Honda are prepared to provide some funding to go towards a racing budget for 2009 as this would be cheaper than paying off the contracts of the team’s 700 employees.
