Honda buy-in edges closer

Honda's bid to purchase a stake in BAR has moved a step closer - after attempts by former team boss Craig Pollock to block the buy-in were rejected by the High Court

Honda buy-in edges closer

Pollock challenged the bid of team's owners British American Tobacco to put the holding company that controls the team into administration, so that the way was clear for Honda to purchase a 45 percent stake in the company.

Honda did not want to buy into the team while any other shareholder apart from BAT had a stake in the business - and that meant minority shareholders Pollock as well as co-founders Rick Gorne and Adrian Reynard would have to sell their shares. Although the latter two were understood to be happy for such a deal, Pollock declined such a move.

But his attempts to block the move to administration, which will effectively wipe out his shareholding in the team, have failed and BAT has now successfully put the team's holding company into administration.

The plan now is for BAR and Honda to purchase the company from the administrator, allowing Honda to takes its minority shareholding. Although putting the team into administration appears quite dramatic, it is a recognised business procedure under British law.

The move to administration has no affect on the day-to-day running of BAR.

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