Honda Racing could apply for a bail-out from the British government, which this week said it would unlock billions of pounds in credit funding for the auto industry.
The team said it had had meetings with the Department for Business, Enterprise and Regulatory Reform, whose chief minister Lord Peter Mandelson unveiled the funding plan.
Nick Fry, the team’s chief executive, has since been seeking a buyer for the team, which has 700 employees at its Brackley base and an annual budget in the region of £200m. Yesterday Honda Racing confirmed it had been in talks with Lord Mandelson’s Department for Business, Enterprise and Regulatory Reform.
“We have had meetings with BERR over the future of the team on several occasions over the past month,” said a statement. Asked whether the team would qualify for the support package, a spokeswoman for BERR said: “There is no reason why Honda Racing couldn’t apply.
“We expect any company in the automotive industry or in its supply chain with a turnover of £25m or more to qualify [for the loans] if it has a viable project to deliver the objectives of the support package. All applications will be considered on a case-by-case basis.”
Honda Racing could claim to qualify on all counts. It easily exceeds the turnover requirement; formula one is innovative almost by definition, as each year brings advances to propel the racing cars faster; the sport is committed to reducing its carbon emissions; and success for Honda Racing would lead to an increase in its workforce.
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