BAR Put Up for Sale by Administrators
Jenson Button's BAR Formula One team have been put up for sale - but only to allow a new joint venture between engine partners Honda and majority owners British American Tobacco to buy it back.
Jenson Button's BAR Formula One team have been put up for sale - but only to allow a new joint venture between engine partners Honda and majority owners British American Tobacco to buy it back.
The FT.com website on Tuesday posted on its 'Businesses For Sale' section a listing by the joint administrators offering the entire issued share capital of British American Racing GP Limited.
"Established highly successful Formula One motor racing team," it said. "Finished second only to Ferrari in the F1 Constructors' Championship in 2004."
However, a BAT spokesman confirmed that the listing was purely procedural.
BAT and Honda announced last month that they would form a joint venture company to replace the existing ownership structure and leave BAT with a 55 percent controlling stake and Honda 45.
They said at the time that if any of the small shareholders, who own some 10 percent of the team, refused to sell, BAT would seek the appointment of administrators.
"The new joint venture company then expects to acquire, from the administrator, the shares in British American Racing GP limited which operates the team and which is the holding company's principal asset," a BAT statement said last month.
Be part of the Autosport community
Join the conversationShare Or Save This Story
Subscribe and access Autosport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
Top Comments