Multiple news outlets reported last week that the Honda Formula One racing team, which had been on the sales block, has been purchased in a management buy-out. The purchase means the Honda team will participate in the 2009 world championship.
According to reports, the buy-out group was led by Ross Brawn, who has managed the Honda team for the last two years. Also involved was Nick Fry, chief executive, and three other unidentified investors.
The Daily Telegraph (London, U.K.) reported that leading driver Jenson Button would be forced to take a pay cut of $7.5 million (USD), while about 300 jobs would be lost at the team's base in Brackley, U.K. Other reports indicate that Honda's board in Tokyo paid $100 million (USD) to enable the new team to continue racing in 2009. Honda said its budget for F1 racing in 2008 was about $207.3 million (USD).