The Honda Formula One racing team has held talks with the UK’s Department for Business, Enterprise and Regulatory Reform (BERR) about obtaining government funding to help secure its future.
BERR, headed by Lord Mandelson, is arranging a £2.3 billion financial package to help the UK automotive industry through the current economic crisis. Honda Racing, whose Japanese parent company is cutting funding due to the economic climate, could qualify for a portion of the tax-payer funds, reports The Guardian newspaper, quoting a BERR spokeswoman.
“There is no reason why Honda Racing couldn't apply,” she said. “We expect any company in the automotive industry or in its supply chain with a turnover of £25 million or more to qualify if it has a viable project to deliver the objectives of the support package. All applications will be considered on a case-by-case basis.”
The Guardian reports that the spokeswoman said the government’s four key criteria for companies to qualify were having a turnover in excess of £25m, being at the cutting edge of innovation, reducing carbon emissions, and creating jobs.
Honda Racing has an annual budget of around £200 million, is clearly an innovative engineering business, is in a sport committed to reducing carbon emissions from its cars, and employs around 700 people, a figure that could rise should the team become more successful.
Honda Racing is currently searching for a buyer, and hoped to have one before the March 29th start of the 2009 F1 season. The team has dismissed recent press reports that suggested if a buyer could not be found by February 1st it would have to be wound up.
