Honda Saved!

[PolePosition_1]

RealHondaF1.com understand a management buyout of the Honda Racing F1 team has been completed, with a change in the senior staff also taking place. With news of significant, but specific, job cuts, we expect to see an official announcement on the future of the team this evening or early tomorrow morning. Our sources indicate to us that the most significant change to the management will be the exit of Nick Fry, who we believe has been looking for a senior role in another sport in recent months. A further senior staff member is also thought to have exited the team.

Job cuts, whilst unfortunate, are to be expected. Our understanding is the test team and engine groups have been disbanded, something that makes sense with the supply of Mercedes engines being serviced by their own staff, whilst the in-season ban on testing means the test teams at many of Honda’s competitors will also be made redundant.

Brazilian driver Bruno Senna was present at the factory late last week, and is expected to be confirmed in the second seat alongside Jenson Button.

This is an ever-changing subject currently, and we’re having difficulty separating fact from rumour. However, we do believe the above is correct. For the latest accurate news, keep checking RealHondaF1.com.

SOURCE :http://www.f1network.net/main/s169/st140565.htm

Not what I would call official but sign in right direction.

Anyone else heard more about this?

[Tazio]

Anyone else heard more about this?
http://www.newsnow.co.uk/h/Sport/Formula+One/Constructors/Honda

Have at it my man!!! :)

[Easy Drifter]

TSN who are usually pretty quick and accurate have exactly the opposite.
Here's hoping they are wrong this time!

[Robinho]

how does a management buyout work with the senior management leaving?

[ozrevhead]

I hope its true - think of everyone who may loose their jobs if honda does close down :(

im also 99% sure that Senna and Button will be the drivers

[ioan]

how does a management buyout work with the senior management leaving?

Good question.

[nigelred5]

Depends on who is leaving and who the "Management" is. Doesn't mean all management. I read "senior administrative staff" meaning Nick Fry was leaving, not everyone. Ross Brawn isn't going anywhere in what I read and from what I can piece together is the likely new team prinicpal in the deal.

[Knock-on]

http://www.autosport.com/news/report.php/id/73408

News is starting to filter out about positive progress

[Sonic]

I'd still be quite surprised if there were 20 cars on the grid come Aus. I can't see how we go from 'no serious buyers' to a management buyout in a week; if the management buyout was on the table as a serious proposition then why the negative press release earlier this week?

[jens]

Management buyout or not, but the biggest question to me is, who is going to finance their team. Almost all the information about possible funders (Petrobras, Bernie) have turned out to be empty rumours. There hasn't been an official 'denial' by Virgin though, although it was mentioned by Branson that he would prefer to get involved in F1 if some changes in the series have taken place.

[CNR]

http://www.theherald.co.uk/sport/headlines/display.var.2491524.0.Other_F1_teams_are_likely_to _go_way_of_Honda_warns_Stewart.php
feb25


Takeo Fukui, Honda's outgoing president, confirmed on Monday that there were "no serious buyers" lining up to rescue the Japanese F1 team, following their decision to withdraw from the sport. Despite reports linking Sir Richard Branson, the Virgin entrepreneur, with Honda, allied to talk of a management buy-out, part-financed by Bernie Ecclestone, the F1 chief, it is becoming increasing likely that the company will not be rescued, meaning the loss of up to 700 jobs in the next few days.
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[Knock-on]

http://www.autosport.com/news/report.php/id/73425

Honda may be testing next week in Jerez.

Is this bravado or good news?

[ioan]

http://www.autosport.com/news/report.php/id/73425

Honda may be testing next week in Jerez.

Is this bravado or good news?

At least we will see what it looks like. Hopefully they will have dropped the Earth scheme!

[jonny hurlock]

At least we will see what it looks like. Hopefully they will have dropped the Earth scheme!

yes please, hope so, proper sponsors please

[jens]

As we still don't know any of Honda's potential sponsors yet, I guess we may see a plain white car in testing.

Autosport.com suggested that the income of the new team will come from TV revenue, a bit from Honda itself and an "unknown" sponsor of Bruno Senna. No mention of anything else. Well, no matter how I look at it, this seems like quite a small budget, possibly the smallest in F1.

[Sonic]

I'd still be quite surprised if there were 20 cars on the grid come Aus. I can't see how we go from 'no serious buyers' to a management buyout in a week; if the management buyout was on the table as a serious proposition then why the negative press release earlier this week?

I don't make mistakes. I make prophecies which immediately turn out to be wrong.

:D

[PSfan]

It's been a theory of mine that Honda wasn't really interested in selling, and the "managment buyout" is more about imagine then reality. The reality is Honda should they close down are on the hook for about $130m according to Peter Windsor on Windtunnel the other night. This combined with the loss of tv revenue (however thats worked out) and it seems pretty silly to simply pull the plug. By having a "Managment buyout" it appears that Honda isn't dumping millions into F1 while still laying off thousands of workers (even though there are) and it allows them to keep their foot in the F1 door (either by keeping some ownership of the team or buy back clauses)

Also by not testing until the last minute, it does appear that there is intention to limp through the 2009 on a limited budjet instead of being interested in selling. At this point it would not take alot of effort to appear to be in a better position then Force India, the potential prize money for finishing ahead of them would make selling the team easier, so even limited testing up to now would have had the return of better offers if there was any interest in the team.

Of course I could be wrong on this, but the brightside... even if they do shut down... we should be back up to 10 teams next year...

[PolePosition_1]

Of course I could be wrong on this,

I think there's a 95% chance you are to be honest mate.

[Knock-on]

I think there's a 95% chance you are to be honest mate.

Not too sure on that.

I've been thinking about this and it makes very little sense for Honda to completely pull out at this time. They have money comitted that they will have to honour and maintaining a foot in the door would not cost any more if they had a lucrative partner come in.

From a corporate perspective, I don't know how Mercedes engines fit into this but it isn't black and white on this one. I am still convinced that Honda will be on the grid.

[Robinho]

http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/7911490.stm

looks as positive news as we've had on the team, hopefully we can finally put this to bed should the team turn up at Jerez, and hopefully we can start calling them something new ("Brawn F1 Mercedes" anyone?)

[PolePosition_1]

Not too sure on that.

I've been thinking about this and it makes very little sense for Honda to completely pull out at this time. They have money comitted that they will have to honour and maintaining a foot in the door would not cost any more if they had a lucrative partner come in.

From a corporate perspective, I don't know how Mercedes engines fit into this but it isn't black and white on this one. I am still convinced that Honda will be on the grid.

Honda have given no indication whatsoever for them to continue, even talking of closing the team down within past week.

[Knock-on]

Honda have given no indication whatsoever for them to continue, even talking of closing the team down within past week.

Talk is one thing. Action is another.

For example, Monday they were basically saying it was all over and there was no realistic buyer.

Tuesday they prepare to go testing and to do that means they have an engine deal in their pocket.

These things just don't happen overnight and there is a lot of brinkmanship going on.

Remember the Max and Bernie tactic. Announce you are going to implement the worst case scenario to get everyone on board to accept the changes you really want rather than face the alternative.

BTW, I'm no way sure that Honda will retain any stake but it just strikes me as odd.

[SOD]

any word on Nick fry's involvement?