7 Mar 2009

Former Honda FI team saved

7:21 am on 7 March 2009

The former Honda team has been saved and chief executive Nick Fry says it will race in Formula One this year.

Honda pulled out in December as a result of the global financial crisis, leaving the British-based team to searchfor a buyer.

Fry says they've succeeded, thanks to recent cost reductions in F1 and the support of other teams including the bosses of Ferrari and McLaren.

But he isn't saying who the new owners will be, how the team will be funded or what it will be called.