Grapevine: Virgin latest to be linked to Honda

Earlier this week there had been suggestions that a 'well known brand' was set to make a bid for the team, and now the Reuters news agency has reported that Richard Branson's Virgin empire is the company in question.

"They have made a bid to purchase the team," Reuters quoted a Honda source as saying.

Although Branson has attended Formula One races in the past, Virgin has never previously had a major role in the sport, bar minor sponsorship deals involving brands within the group.

The Honda Racing team are understood to be pressing ahead with preparations for the 2009 season, amid growing confidence that a potential management buy-out will succeed. A Mercedes engine deal is in the pipeline, and Jenson Button and Bruno Senna are a likely driver line-up should the current team bosses stay on.

The team have been up for sale since Honda decided to end its involvement in F1 in early December 2008.