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Friday, February 27, 2009

Honda OKs buyout? (updated)

The Telegraph newspaper reports Honda have given the all-clear for the proposed management buy-out of their Formula One team.

Ross Brawn , Team Principle , Honda Racing F1 Team and Nick Fry , Honda Racing F1 Team, Chief Executive Officer during during testing in Jerez


This much we know:

ITV reports the team will test at Silverstone next week, giving the new car a shakedown (this would seem to imply it has an engine), then move on to the group test March 9 in Barcelona..

Jenson Button has a contract in place, and still looks to be teamed up with either Bruno Senna or Rubens Barrichello. Senna might bring sponsorship, so he may have an edge.

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Autoweek reports the team is set to be renamed Brawn Sport (sounds like a shaver). Correspondent Adam Cooper says Brawn shares an equal share in the team with Nick Fry, and three other directors are also involved.

Button is said to have taken a hefty paycut.

According to Cooper, Honda will still pick up a major share of the tab for 2009, as was rumored in recent weeks, a cheaper alternative to Honda than shutting the team down and paying off the staff.

Additional money will come from Formula One Management TV money, which may be paid in advance rather than in the customary installments.

Still, the team will face sizable cuts in staff, who may have preferred getting paid off by Honda than by the new team.

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The Times talks about what Jenson Button’s desire to be World Champion has cost him. Don't miss the top stories of the day, subscribe to the SpeedRead Web newspaper now! -- Email SpeedRead -- Learn more about author C.D. Six

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