Honda get the green flag as management buy-out agreed

The Honda formula one team have agreed a management buy-out meaning that they will participate in the 2009 season, it has been reported. The team will begin testing their new car at Silverstone next Thursday. The future of the team, including No1 driver Jenson Button, had been in doubt ever since Honda put the team up for sale in December after announcing that it was withdrawing from the sport as a constructor and engine supplier.

The Times are now reporting, however, that the future of the team and the majority of Honda's 700 employees is assured after a buy-out was agreed using a "combination of money from Honda itself for this year, funds from Bernie Ecclestone, the Formula One commercial rights-holder, and commercial sponsorship". The buy-out is being led by current team principal Ross Bawn.

It is not yet known what name the team will operate under or who will partner Button as driver in 2009, although Brazilians Rubens Barrichello, who has been with the Honda team for the past three seasons, or rookie Bruno Senna, nephew of Ayrton Senna are the most likely candidates.

The team will begin official testing in Barcelona on 9 March ahead if the new season which begins in Melbourne on 29 March.

(Source: Guardian.co.uk)