Prodrive chief David Richards is reported to have flown to the Middle East for talks regarding a possible deal to save the Honda Formula One team.
Richards was one of the first names mentioned as a possible saviour of the Brackley-based outfit when Honda revealed it was withdrawing from the sport, having failed with his own bid to bring Prodrive onto the grid this season.
Richards flew to the Middle East on Friday night to begin talks with potential investors who have expressed interest in possibly getting involved in a rescue deal.
Richards already has strong links with the Middle East after selling a stake in Prodrive to the Kuwaiti investors The Investment Dar Company, and he said that a deal could be possible ‘if the timing is right’.
“There are a group of people in the Middle East who want to support a Formula One entry for me and have been very specific about it for a year now,” Richards tells the newspaper. “But we have to agree when the timing is right.”
“When you sit down in the cold light of day and realise the liability you would be taking on, and the huge restructuring of staff and resources that will be needed, investors will have to think long and hard before taking a punt,” he says. “You will have to bridge a big gap in finance, probably for three years, before balancing the accounts.”
“I have not ruled out getting back into Formula One,” says Richards. “It’s something I am very interested to do. But the big question remains: Is it too big a challenge at this moment in time? That’s what I need to determine.”
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