Honda to reveal details of buyer search

CEO Nick Fry and team principal Ross Brawn have been working flat out to find a new owner since Honda's shock announcement earlier this month that they were withdrawing from F1.

It is understood that there have been discussions with various interested parties regarding a takeover of the team.

The outcome of the talks depend not only on the financial terms of a deal, but future management and organisational plans too.

No firm details of who the interested parties are have been revealed, but the state of discussions has left Fry optimistic that the team can go public with developments after the Christmas period.

"We have had a high level of interest in the team since Honda Motor Co. announced their withdrawal from Formula One," Fry told autosport.com.

"Since that time, Ross and I have been engaged in ongoing discussions with several serious potential new owners who have expressed an interest in purchasing the team."

Fry had said in the immediate wake of Honda's exit announcement that there needed to be serious interest from buyers by Christmas if they were to have a realistic chance of starting the season in Australia.

The fact that discussions with buyers are at an advanced stage is a cause for optimism, and Fry has confirmed that work is ongoing with the team's new car - the first to be created under the leadership of Brawn.

"Work on the development and build of our 2009 car continues during the next few weeks to ensure that our objective of being on the grid at Melbourne at the end of March will be achieved," he explained.