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Richards considering Honda rescue deal

Prodrive boss David Richards has flown to the Middle East for discussions about a potential rescue deal for the Honda Racing Formula One team.
Richards has been pondering whether to get involved in a buy-out of Honda in the wake of the Japanese car manufacturer's decision to pull out of F1.
And although he has made no secret of the fact that he is interested in a return to F1 management, having had spells at Benetton and BAR, he has vowed only to come back if the circumstances are right.
This is why he is now holding talks with investors in the Middle East who want to bankroll an effort. The Kuwait-based Investment Dar Company (TID) are shareholders in his Prodrive company.
Speaking to the Mail on Sunday, Richards said: "There are a group of people in the Middle East who want to support a Formula One entry for me and have been very specific about it for a year now. But we have to agree when the timing is right."
Honda Racing CEO Nick Fry said on Friday that he expected news of the progress being made to find a team buyer to be made public in the New Year - although Richards admitted that any deal he was involved in would need careful thinking before talks could progress.
"When you sit down in the cold light of day and realise the liability you would be taking on, and the huge restructuring of staff and resources that will be needed, investors will have to think long and hard before taking a punt," explained Richards.
"You will have to bridge a big gap in finance, probably for three years, before balancing the accounts."
The Mail on Sunday reports that other interested parties in Honda include Greek shipping tycoon Achilleas Kallakis and Force India boss Vijay Mallya.
Richards' ambitions for F1 have also been given a fresh impetus by the decision of Subaru to withdraw their Prodrive-run team from the World Rally Championship.
"It affects about 20 per cent of our business, but we are financially sound and have a talented, nimble organisation with a strong automotive arm looking at future technologies," added Richards.
"Sentiment and perception about the relevance of motorsport has changed in six weeks with the dramatic economic downturn. I have not ruled out getting back into Formula One, it's something I am very interested to do.
"But the big question remains: Is it too big a challenge at this moment in time? That's what I need to determine."
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According to La Stampa, Honda F1 has a buyer: Mexican telecom billionaire Carlos Slim Helu. Reports claim he paid the single dollar Honda was asking. He trumped Force India F1 owner Vijay Mallya, who was suspected to want the Honda team only for its tech know-how, and Prodrive's Dave Richards.

When Honda announced its immediate departure from F1 on December 4, it gave the outfit 27 days to find a bona fide buyer who would make a credible 3-year commitment to run the team. If the team did find such a purchaser, Honda said it would assist with finances and technical support. Carlos Slim has the finances and the experience: he is reportedly the second richest man in the world, and his companies are already involved in motorsport.

If the transaction proves to be true, and assuming the team gets funded properly, it will mean a few good things for the 2009 F1 season: it will add another privateer team to the grid, it will let Ross Brawn continue creating the team he's been dying to lead since he was at Ferrari, and it will return the name "Senna" to the grid. Bruno, Ayrton Senna's nephew, is sponsored by Embratel, a subsidiary of Slim's Telmex company, and will certainly replace Rubens Barrichello as the one flying the Brazilian flag.

[Source: La Stampa via My Automovil]

I guess renault just lost their sponsor..cause he has his own team now

Honda Racing chiefs Nick Fry and Ross Brawn say they remain fully focused on securing a buyout of their team by the end of January, after denying reports a deal had been completed with Mexican businessman Carlos Slim.
Stories emerging out of South America on Saturday, plus a report in Italian newspaper La Stampa, claimed that Slim had agreed a deal that would see him takeover Honda before the start of the season. It was suggested the team's drivers would be Jenson Button and Bruno Senna.
However, on the back of representatives of Slim denying outright a deal is in place, both Brawn and Fry say that the situation remains unchanged from before Christmas as they aim to resume negotiations with what are believed to be four interested parties in the New Year.
Speaking about the Slim buyout rumours, Brawn told The Daily Telegraph: "We would love it if it were true, but it's pure speculation from various members of the media. It's just been one of those rumours which has developed a life of its own."
Brawn added: "There has been a huge amount of interest. It's now got to the stage where we need to filter out the serious from the not so serious. We're all hopeful that something will happen and we're anxious to turn up the wick again in the new year."
Fry told autosport.com: "While it would be inappropriate to comment on any one potential purchaser of the team, Ross and I are very pleased with the level and calibre of interest in our team and we hope that we can bring this to a conclusion by the end of January. In the meantime, preparations for Melbourne continue."
The Mexican Escuderia Telmex, backed by Slim's company, also denied that a deal was in place for him to buy Honda in a statement issued on Saturday.
"Escuderia Telmex informs that Carlos Slim Helu has not acquired nor has any negotiations for this aim with the Honda Formula One team. All the information on this subject lacks foundation and is completely false."

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