Honda stalls in its acquisition process

Honda Racing saw its hope of survival set back a step as Japanese executives stated that, for now, there is no serious buyer for the team.

After months of rumors about the team’s future, with the most recent suggesting that Richard Branson would be the buyer with his company Virgin, all hopes vanished on this Monday, February 23rd.

Following a board of directors meeting, Honda’s CEO, Takeo Fukui, stated at a press conference in Tokyo that the company is having difficulties finding a buyer. Little progress has been made since the team was put up for sale in December.

There are several offers for the team, but we haven’t seen a serious buyer yet. We find the sales process difficult, Fukui told Reuters news agency.

Time is running out for Honda as engine supplier Mercedes-Benz has indicated it needs assurances to commit to this process.

Honda Racing has remained silent for weeks on the progress of negotiations. A team spokesperson specified last week that the team remains optimistic about its chances of being on the starting grid in Melbourne.

Furthermore, Honda Motor Company announced today that Fukui, a strong advocate of motorsports, will step down from his role as CEO in June. He will be replaced by Managing Director Takanobu Ito.