Connect with us

Hi, what are you looking for?

World

Honda sale talks 'difficult'

TOKYO, February 24 – Honda said Monday that talks over the sale of its Formula One team were proving tough with few "serious" bidders.HONDA_F1"The reality is that talks are proceeding with great difficulty," Honda Motor president Takeo Fukui said.

Honda has received several proposals, "but actually there are very few who are serious about buying it," he said at a news conference to announce his retirement in June.

The Japanese carmaker announced its shock withdrawal from F1 in December because of the financial crisis, leaving the future of drivers Jenson Button and Rubens Barrichello in limbo.

Honda has not ruled out the option of disbanding the team, but says it still hopes to reach a deal in time for the start of the next season on March 29.

Racing "is very challenging but also fun," said Takanobu Ito, the 55-year-old engineer who will replace Fukui.

"Unfortunately, our company has a slight cold right now. But we would like to cure this cold as quickly as possible and work towards reaching that happiness" of racing, he said.

Last week Japan’s second largest automaker said that it was in talks with potential buyers including British tycoon Richard Branson’s Virgin Group.

Honda Racing chief executive Nick Fry and team principal Ross Brown are also reported to be leading a management buyout bid for the British-based team, which employs roughly 700 people.

Formula One supremo Bernie Ecclestone told Britain’s News of the World that the Honda Racing bosses had rejected his offer of 100 million pounds (145 million dollars) to help rescue the team, preferring to go it alone.

Advertisement. Scroll to continue reading.

Honda first competed in F1 in 1964 and has clocked up three Grand Prix wins as a full works team. Its engines have also been behind dozens of victories by stars such as world champions Ayrton Senna and Alain Prost.

(Visited 1 times, 1 visits today)
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

More on Capital Sports

Football

NAIROBI, Kenya, May 25 – There is light at the end of the tunnel. After failed promises over the last three years since its...

coronavirus

NAIROBI, Kenya, May 6 – Harambee Stars goalkeeper Patrick Matasi is hoping that the airports will be re-opened soon to allow him fly back...

Features

NAIROBI, Kenya, May 17 – The Kakamega High School ‘Green Commandos’ have produced a plethora of talent over the past decades in Kenyan football...

AFCON2019

NAIROBI, Kenya, May 11 – ‘Dok skul! Kijana dok skul!’ (Go back to school! Young boy go back to school!’). Those were the words...

© 2020 Capital Digital Media. Capital Group Limited. All Rights Reserved