Virgin Group Makes Bid To Buy Inactive Honda Formula One Team

Virgin Group Chair Richard Branson Has Been Involved With F1 Previously

Virgin Group has "made a bid to purchase" the Honda F1 team, after Honda in December pulled out of the sport, according to a source cited by Richard Bright of the London TELEGRAPH. The offer if confirmed "could scupper a planned management buy-out being led by" Honda Racing F1 CEO Nick Fry, Honda Team Principal Ross Brawn and three other senior Honda Racing executives. Mercedes-Benz "already indicated that they are prepared to offer engines to Honda in the event of a takeover." However, Mercedes-Benz is "understood to want assurances that any team would have sufficient budget to compete seriously throughout the year." Virgin Group Chair Richard Branson "has previously been involved with F1 to a minor extent, when Virgin Mobile sponsored the Jordan team" in '02, and Virgin Atlantic Japan has also "sponsored Honda-backed Japanese driver Takuma Sato for the past four years." Bright notes with the F1 season due to start with the March 29 Australian Grand Prix, a decision by Honda on whether to accept the bid is "likely by the end of the month" (London TELEGRAPH, 2/18). REUTERS' Alan Baldwin notes Branson is a "friend and business associate" of BAR F1 team co-Founder Adrian Reynard, whose team became Honda in '06. The Honda F1 team factory also is situated in Reynard Park, but a source "did not know whether Reynard was involved in any bid" (REUTERS, 2/18). BLOOMBERG NEWS' Komatsu & Baynes report Virgin Group is "one of 'many' bidders" for the Honda team, as Honda spokesperson Akemi Ando said that the company has been "negotiating with 'several potential buyers'" (BLOOMBERG NEWS, 2/18). Design engineer Ken Anderson, who is one of two principals in new American F1 team USF1, indicated that the team "prefers setting up a brand new entrant than rescuing the embattled Honda outfit." USF1 is "targeting a 2010 debut" (AUTORACING1.com, 2/17).

WELCOME ADDITION: In Manchester, Gemma Briggs wrote if IRL driver Danica Patrick were to join USF1 next season, "it won't just be good news for one of America's biggest sporting stars; it could be a lifeline for the whole sport." F1 "hasn't had a female competitor since Giovanna Amati failed to qualify for three races in" '92, and the sport "could do with some good publicity right now." The "bubble that grew after" driver Lewis Hamilton's F1 championship last season "has been deflated by the global financial crisis." Briggs: "The sport is going through a rough patch, so the possibility of Patrick taking to the grid would bring a welcome injection of interest -- and, no doubt, cash" (GUARDIAN.co.uk, 2/17).