Reports Claim Honda F1 Team Saved By Buyout

Media reports are suggesting that a management buyout of the Honda F1 Racing Team has been given the green light, ensuring that the team remains on the grid for the entirety of the 2009 season.

According to speculation the management buyout is being led by Ross Brawn, the team principal and former Ferrari technical director, and will be funded by a combination of money from Honda itself for this year, funds from Bernie Ecclestone, the Formula One commercial rights-holder, and commercial sponsorship.

Sources reported as being close to the Brackley-based outfit suggested that the team will conduct a ‘shakedown’ test of their new car at Silverstone next week. That outing will be followed by the team’s first full test in Barcelona, starting on 9th March, which is the last official run-out before the first grand prix of the season in Melbourne on 29th March.

It is not yet known under what name the team will operate or in what livery their cars will race although it will be powered by a Mercedes-Benz engine under a supply deal with McLaren Mercedes.

Following Honda’s decision to withdraw its investment in F1, a number of potential investors have been linked with a takeover of the team’s assets including Richard Branson’s Virgin Group.

If approved, the buyout is expected to safeguard the jobs of ‘the majority’ of the team’s 700 employees according to the reports and was approved at a board meeting of the Honda Motor Co Ltd in Tokyo.

Should the management buyout be confirmed it is likely that British driver Jenson Button will be retained as the team’s first choice.