Honda F1 Team Saved by Management Buyout

Honda's F1 team is to officially announce its new management in a few days, as unveiled by unofficial reports in the UK. According to BBC News, a source within the Brackley-based team has confirmed that the team's rescue deal has already been signed and is now resting with the lawyers to be confirmed.

Details on who the rescuer is are yet to be unveiled. However, all the personnel at Brackley have been told to prepare themselves for the upcoming testing session at Jerez, which could only mean great news for the British team.

“Everything is positive – it's all going ahead. Contracts are agreed and signed. It's with the lawyers. We're carrying on as if we're going to Melbourne,” said the source, as reported by BBC.

It is also believed that Ross Brawn and Nick Fry have already agreed on an engine partnership with Mercedes-Benz. The 2009 challenger will therefore be powered by the Mercedes-Benz V8 engine, while the German manufacturer is also to provide the team with a gearbox. It's yet to be unveiled whether the Kinetic Energy Recovery System would be included in the deal or not.

“There's no way we'd go to any test without an engine deal. If we're going to Jerez, it means it's a done deal,” confirmed the same source.

According to the Daily Mirror, the rescue solution for Honda came in the form of a management buyout, led by team principal Ross Brawn. However, the Englishman did not confirm the news. The same publication also revealed that Nick Fry, former CEO of Honda F1 Racing, is no longer part of team's plans for the future.