Senior management at Honda F1 hope to have "credible interest" in their team by Christmas.
Team need "credible interest this side of Christmas"
Senior management at Honda F1 have started looking for new backers after the Japanese motor manufacturer announced they are to withdraw their support.
CEO Nick Fry and team principal Ross Brawn have only a few weeks to find a buyer for the Brackley-based outfit after Honda Japan's decision to stop backing the £200million-per-year operation.
Fry has confirmed three expressions of interest have already been received, all from overseas and one - if not all - likely to be Middle Eastern in origin.
Although Honda Japan have said they will keep the team afloat through to the opening race of the 2009 season in Australia at the end of March, it is hoped a new owner can be found by Christmas, with any deal then concluded in the new year.
"We have to have credible interest this side of Christmas," Fry stated.
"Clearly, that doesn't mean we are going to have a deal done by the end of the year, but Honda need to be convinced there are serious, potential buyers out there.
"Honda have agreed to provide us with a budget, not quite the one we had, but a budget which will enable us to be on the grid in Melbourne.
"If we get to Melbourne and we are not there, then clearly at that stage the situation will look very bleak.
"I don't think there is an instance of a team not starting the season and successfully coming in later - even though the rules allow it.
"In theory we could miss four races, but so far history shows no-one has ever done that. The proof of the pudding will be if we are in Melbourne or not.
"It is going to be difficult, but we have had three different serious groups approach us with a view to taking on the team. So, we will see what happens over the next few weeks."
Going concern
Although the team's performances in both 2007 and 2008 have been poor, the fact that Honda are a going concern will be an attractive proposition for any prospective backer willing to defy the global financial crisis and step in.
The team have long targeted the 2009 season as a chance to move up the grid as they seek to exploit new rules which reduce aerodynamic downforce, increase mechanical grip - slick tyres are to be re-introduced - and also allow for the introduction of Kinetic Energy Recovery Systems (KERS).
Brawn, who helped steer Michael Schumacher to five successive world titles whilst technical director at Ferrari, is the man with the task of boosting the team's competitiveness, with driver Jenson Button also anxious to re-establish himself as a contender.
"Honda are very keen we preserve a team and they have given the managers directives to find new owners," Brawn said.
"It's a fantastic opportunity for someone to step into what will be a very competitive team next year.
"The facilities are one of the best in Formula One, the workforce is definitely one of the best in Formula One, and we have a great car design for next year.
"Obviously with Formula One a very high-profile business, I am sure we will get a lot of interest.
"It is filtering that out into serious proposals and understanding what level the investors, or new owners, would want to operate at.
"We have aspirations to be at the front of the grid, and we want to find people who have the same ambitions."
