Honda Motor said on Monday it currently sees no serious buyer for its Formula One team though a management buy-out offer was reportedly once on the table.
Go deeper with GlobalData
“There are various offers for the team but we have not seen any serious buyer yet,” Honda chief executive Takeo Fukui told a news conference in Japan called to announce he was stepping down in June to become an adviser to the automaker. “We find the sale process difficult.”
Honda put the team up for sale in December after announcing it was withdrawing from Formula One as a constructor and engine supplier as the global economic crisis sends car sales sliding, Reuters noted.
The Japanese automaker has struggled to raise sponsorship for its under-performing team, spending an estimated US$300m of its own money but finishing ninth overall last season.
Honda Formula One team bosses turned down an offer from Bernie Ecclestone to help with a planned management buy-out, the sport’s commercial chief was quoted as saying on Sunday.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBritish entrepreneur Richard Branson also told BBC radio on Saturday that he loved Formula One and could step in to rescue the Honda team if certain conditions were met.
