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Honda’s Formula One future could be secured by a management buy-out which will allow the team to take part in the 2009 world championship which starts in four weeks’ time, it was reported on Friday.
After weeks of speculation linking various individuals and groups as potential saviours of the team, it was claimed that the Japanese manufacturer has given the all-clear for the proposed buy-out.
The Daily Telegraph reported that leading driver Jenson Button would be forced to take a pay cut of $US7.5 million ($A11.55 million) while around 300 jobs would be lost at the team’s base in Brackley, central England.
The newspaper said that chief executive Nick Fry, team principal Ross Brawn and three other directors have convinced Honda’s board in Tokyo to hand over a sum, believed to be in excess of 100 million dollars, to enable the new team to continue racing in 2009 at least.
Honda announced last December that they were pulling the plug on their F1 operation as a result of the global economic turndown.
Meanwhile, the British Press Association said that a new car would be tried out at Silverstone next week before taking part in the final test of the winter in Barcelona from March 9 to 12.
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