David Richards has shown interest in brokering a rescue deal for Honda Racing, after flying out to the Middle East on Saturday to talk with potential investors.
Honda has been in search of a buyer for its Brackley-based squad since it announced its shock withdrawal from the sport earlier this month.
Richards has made no secret of his ambitions to return to Formula 1, after managing both Renault and BAR in the last decade.
His company Prodrive attempted to join the F1 grid as a McLaren customer outfit last season but the deal was vetoed by other teams in a backlash against customer cars.
Richards says that if the circumstances are right, he knows a number of potential backers who want to be involved in Formula 1.
"There are a group of people in the Middle East who want to support a Formula 1 entry for me and have been very specific about it for a year now," Richards told the Mail on Sunday.
"But we have to agree when the timing is right."
Richards is realistic about the financial burden of taking on a grand prix team and warned that any deal would not be taken lightly.
“When you sit down in the cold light of day and realise the liability you would be taking on, and the huge restructuring of staff and resources that will be needed, investors will have to think long and hard before taking a punt,” he said.
“You will have to bridge a big gap in finance, probably for three years, before balancing the accounts.”
Last week Japanese car manufacturer Subaru pulled the plug on its World Rally Championship team run by Prodive.
Richards said the withdrawal was a sign of the times but insisted it has not altered his F1 ambitions.
“It affects about 20% of our business, but we are financially sound and have a talented, nimble organisation with a strong automotive arm looking at future technologies,” he said.
“Sentiment and perception about the relevance of motorsport has changed in six weeks with the dramatic economic downturn.
“I have not ruled out getting back into Formula 1: It’s something I am very interested to do.
“But the big question remains: Is it too big a challenge at this moment in time?
“That’s what I need to determine.”
Source: ITV Sport
Honda has been in search of a buyer for its Brackley-based squad since it announced its shock withdrawal from the sport earlier this month.
Richards has made no secret of his ambitions to return to Formula 1, after managing both Renault and BAR in the last decade.
His company Prodrive attempted to join the F1 grid as a McLaren customer outfit last season but the deal was vetoed by other teams in a backlash against customer cars.
Richards says that if the circumstances are right, he knows a number of potential backers who want to be involved in Formula 1.
"There are a group of people in the Middle East who want to support a Formula 1 entry for me and have been very specific about it for a year now," Richards told the Mail on Sunday.
"But we have to agree when the timing is right."
Richards is realistic about the financial burden of taking on a grand prix team and warned that any deal would not be taken lightly.
“When you sit down in the cold light of day and realise the liability you would be taking on, and the huge restructuring of staff and resources that will be needed, investors will have to think long and hard before taking a punt,” he said.
“You will have to bridge a big gap in finance, probably for three years, before balancing the accounts.”
Last week Japanese car manufacturer Subaru pulled the plug on its World Rally Championship team run by Prodive.
Richards said the withdrawal was a sign of the times but insisted it has not altered his F1 ambitions.
“It affects about 20% of our business, but we are financially sound and have a talented, nimble organisation with a strong automotive arm looking at future technologies,” he said.
“Sentiment and perception about the relevance of motorsport has changed in six weeks with the dramatic economic downturn.
“I have not ruled out getting back into Formula 1: It’s something I am very interested to do.
“But the big question remains: Is it too big a challenge at this moment in time?
“That’s what I need to determine.”
Source: ITV Sport
