Honda buy-in of BAR confirmed
Honda's buy-in of the BAR Formula 1 team was officially confirmed on Monday morning, following weeks of administrative details to change the ownership make-up of the team
Although Honda had declared its intention to buy into the outfit, as a way of helping its efforts to win the world championship, late last year, the process was delayed because of the need to remove several minority shareholders from the equation.
One of these included former team boss Craig Pollock, who refused to accept the terms being offered to him for his shares and subsequently went to court to block any move to put the team's holding company into administration - which effectively dissolved all the team's former shareholders.
After the move to administration, the team was put up for sale and, once team backers British American Tobacco offered the highest bid for it, it was then a mere formality for it to then sell-on 45 percent of the outfit to Honda. BAT will retain the other 55 percent.
A statement released by BAR said: "BARH Limited, the new 55/45 joint venture between British American Tobacco and Honda Motor Co., Ltd, has completed the acquisition of the BAR Formula 1 racing team from administrators Grant Thornton."
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