Honda struggle to find F1 buyer

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Honda has revealed it currently has no serious buyers to take over its Formula One team.

The company announced last year that it was pulling out of the sport, blaming the global economic crisis.

The deadline for an agreement to buy the team is believed to be this week, one month before the 2009 season's first race in Melbourne.

"There are various offers for the team but we haven't seen any serious buyer," Honda president Takeo Fukui said.

"We find the sale process difficult."

It is thought the team are up for sale for £1 - although any buyer would need to find a budget in the region of £40m to run the outfit for the new campaign.

A management buyout, led by current chief executive Nick Fry and team boss Ross Brawn, has been mooted for some time.

On Saturday, Virgin boss Sir Richard Branson told the BBC that he would be interested in becoming involved in Formula One, but refused to confirm he was in talks with Honda.

Formula One supremo Bernie Ecclestone told the News of the World that team bosses had turned down his offer to help with a management buy-out.

"I tried to help with the management buy-out," he was quoted as saying.

"It was a very good offer. It gave them complete protection but they wanted to do things on their own.

"They should have taken what I offered. It was a very good offer for everybody concerned.

"Now all we can do is hope and pray."