19 Feb 2009

Honda says several potential buyers for F1 team

9:57 am on 19 February 2009

Honda says it is talking to several potential buyers for its Formula One team, including British tycoon Richard Branson's Virgin Group.

The Japanese carmaker, which announced its shock withdrawal from F1 in December because of the financial crisis, said it hoped to reach a deal in time for the team to be on the grid at the start of next season at the end of March.

Honda's exit from Formula One raised fresh fears over the future of the multi-million-dollar sport, which is struggling to keep afloat in the current credit crunch.