Richards initiates talks for the acquisition of Honda

David Richards, the head of Prodrive, has flown to the Middle East for discussions regarding a potential acquisition of Honda Racing, the former Formula 1 team.

The opportunity came to him after the withdrawal of the Japanese team a few weeks ago, a consequence of the financial crisis affecting the entire world. Richards wanted, not long ago, to return to the sport with his team Prodrive.

He is therefore very interested in a return to Formula 1, but after setbacks with Benetton and BAR, he has vowed to return only if the circumstances are right.

That is why he is now in talks with investors from the Middle East who are willing to finance his project.

Speaking to the ‘Sunday Mail,’ a Scottish newspaper, Richards said: « There is a group of people in the Middle East who would be willing to support my entry into Formula 1. »

Honda Racing CEO, Nick Fry, stated on Friday that he expected significant progress from the acquisition at the beginning of the year. The information will be made public in due course. However, Richards announced he was thinking twice before embarking on this new venture.

« You need to realize the responsibility you are taking on and the enormous restructuring of personnel and resources that will be necessary. Investors will think long-term before making any decision, » Richards explained.

« It will be necessary to fill a large gap in the finances and probably wait three years before balancing the accounts.

The Sunday Mail finally reports that Vijay Mallya, director of Force India, could be one of the investors with one of his numerous multinationals.