Richards rules out Honda bid

[John S]

    Oh No! One of the best hopes for a proper team has evaporated 

Former Formula One team boss David Richards has ruled himself out of the running to take over the Honda F1 team. ''The current environment is too unsettled'' he said.


"The cost-cutting process that has been put in place has not yet seen its full benefit," Autosport reports Richards as saying. "I don't think it will be until 2010 that you will see those issues roll out properly."

"The teams have still got a burden of overhead that is unsustainable. So consequently, with the window of time for entry, I just question whether it is right at the moment," he stated.

Richards had expressed an interest in taking over the team following Honda's shock decision last month to quit the sport ahead of the 2009 season and told the media in December that Subaru's decision to quit the World Rally Championship had 'cleared the decks' for him to look at the possibility of taking over the Brackley-based outfit.

Ahead of the Christmas break it was also reported in the British media that meetings with potential backers from the Middle East could result in a bid to purchase the assets of the team. Speaking at the 'Autosport International Show' in Birmingham today however, Richards ruled himself and Prodrive out of any such takeover. 
 
"All I can say is that I have made it very clear that the only terms I would ever consider a return or an involvement was if I felt we could be competitive," he explained. "Nobody expects to win in their first year of Formula One. It has also got to be financially viable. You expect to invest but you also expect it to work. I just personally feel that the current environment is too unsettled."

Apart from his CEO role at Prodrive, Richards also heads up a Saudi consortium which owns Aston Martin which announced 600 job cuts from its 1850 strong workforce in December. The company is reportedly in talks to sell a stake in the firm to investors in Kuwait.

Meanwhile, Honda has set a self-imposed deadline for this month for a successful bid to be completed.

Earl ALEXANDER
© CAPSIS International 

[Scott]

I think all that translates into 'he didn't have enough sponsorship backing to take it on.'