Buzzin F1 – Formula One Blog

Honda 2008

Richard Branson’s Virgin Group have emerged as the mystery ‘global brand’ bidder for the Honda Racing Formula One team, the Japanese car maker has confirmed today. The F1 news from Honda says that they “are negotiating with several buyers and one of these parties is the Virgin Group.”

Honda announced that it would pull out of Formula one in December because of the effects of the financial crisis on it’s core car manufacturing business, the team was immediately put up for sale and has attracted global interest. In recent weeks Honda Racing CEO Nick Fry had suggested that there were ‘around a dozen’ offers that he considered sustainable and would be inviting those businesses to present themselves to the Honda Motors board, in Japan.

Rumours emerged at the end of last week that a management buyout led by Honda Racings Nick Fry and Ross Brawn had been launched and some reports even suggested that driver Bruno Senna, who brings a considerable sponsorship package with him,  had been contracted to the team to drive this season. These allegations have since been refuted.

The Virgin Group would no doubt tick all the right boxes for Honda, a global and respected brand who would fulfill the financial criteria required by the team, particularly important in securing an engine deal with F1 rivals Mercedes. They also have some connections with the sport already having sponsored the Jordan team in 2002 with the Virgin Mobile brand.

Through Virgin Atlantic Japan, they have also been personal sponsors of the Honda backed driver Takuma Sato for the past four years and he must feel his chances of obtaining a drive for this season could get no better, having missed out on seats with some of the independent teams during the winter. Britain’s Jenson Button will be hoping that he will remain as Honda’s number one driver and I would imagine already has a contract in place from the old team.

Time is fast running out if the team are to start the 2009 season on the Australian grid on March 29th, it has been a long time coming but this Formula 1 news will be a big boost to the sport that appears to have been hit worst than others in the current financial crisis.