BAR sale moves on
Honda's buy-in of the BAR Formula 1 team has moved another step closer after the administrators for the outfit's holding company, British American Racing (Holdings) Limited, officially put the team up for sale
The sale of the team is being used as a way of redistributing the shares in the company between owners British American Tobacco and Japanese car company Honda, which wants to purchase a 45 per cent stake in the team.
Although it had been hoped that putting the holding company into administration could be avoided, BAT had no choice after minority shareholder Craig Pollock refused to release his part of the company. Honda had made it clear that it would only buy into the team if it was a sole co-owner with BAT.
With the team now up for sale, the aim is for BAT to purchase back the outfit as the biggest bidder for the outfit - before selling on a 45 per cent share to Honda.
As part of the legal process, the team sale has to go public - which is why the outfit is now officially listed on the web site of the Financial Times.
The advert states the team for sale is: "Established, highly successful Formula One motor racing team. Finished 2nd only to Ferrari in the F1 constructors (sic) championship in 2004.
"Operates from a state of the art leasehold site at Brackley, Northamptonshire, England."
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