Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Compensation for thousands affected by post-election violence in Ivory Coast

Read more

MEDIAWATCH

Happy Birthday, Mr President

Read more

THE DEBATE

The clean power plan: Obama, a climate leader?

Read more

THE DEBATE

US drone secrecy: Licence to kill?

Read more

BUSINESS DAILY

Puerto Rico defaults: is it America's Greece?

Read more

ACCESS ASIA

India: the surrogate mother baby boom

Read more

IN THE PAPERS

'How to detect nonsense about climate change'

Read more

IN THE PAPERS

Gabon President aide detained in Paris

Read more

THE DEBATE

Kerry Middle East Tour

Read more

Various offers but nothing serious, says Honda

Latest update : 2009-02-23

Japanese car maker Honda, struggling as a result of the economic crisis, will probably have trouble selling off its F1 team. Chief executive Takeo Fukui said they received "various offers" but no "serious buyer yet", in spite of Virgin's interest.

REUTERS - Honda Motor Co said on Monday it currently sees no serious buyer for its Formula One team, a sign that Japan's second-largest automaker may have trouble selling off the team.

 

"There are various offers for the team but we have not seen any serious buyer yet," Honda chief executive Takeo Fukui told a news conference.

 

"We find the sale process difficult."

 

Honda put the team up for sale in December after announcing it was withdrawing from Formula One as a constructor and engine supplier as the global economic crisis sends car sales sliding.

 

The Japanese automaker has struggled to raise sponsorship for its under-performing team, spending an estimated $300 million of its own money but finishing ninth overall last season.

 

Honda Formula One team bosses turned down an offer from Bernie Ecclestone to help with a planned management buy-out, the sport's commercial supremo was quoted as saying on Sunday.

 

British entrepreneur Richard Branson also told BBC radio on Saturday that he loved Formula One and could step in to rescue the Honda team if certain conditions were met.

 

Honda said on Monday that CEO Takeo Fukui, a fan of motor racing, was stepping down.
 

Date created : 2009-02-23

COMMENT(S)