Honda buyout gets green light
Honda has given the go-ahead to a management buyout of its stricken Formula 1 team, the Daily Telegraph is reporting.
The Japanese manufacturer has been considering a number of bids since it put the Brackley-based outfit up for sale last December amid haemorrhaging road car sales.
Outgoing CEO Takeo Fukui said as recently as Monday that there were “no serious buyers” and admitted that Honda was finding the sale process difficult.
http://www.itv-f1.com/News_Article.aspx?id=45173
Honda sold to management group
Nick Fry and Ross Brawn are the new owners of the former Honda Racing F1 team, according to reports in the British media.
On Thursday a Honda source told the BBC that a "deal is close" but refused to say which of the two parties, Virgin or a Honda management group, were buying the team.
According to The Times, though, the deal has been struck with the Honda management group being led by team boss Ross Brawn and Honda CEO Nick Fry.
http://www.planetf1.com/story/0,18954,3213_4979804,00.html