04/10/2005
NEWS STORY
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Honda has announced, ahead of this weekend's Japanese Grand Prix, that it has entirely bought out the British American Racing team.
The Japanese manufacturer had previously bought a 45 percent stake in the outfit, originally owned by British American Tobacco, but has now bought the remaining 55 percent.
Explaining the decision, the company's operating officer, Hiroshi Oshima, told Reuters: "We began negotiations in the summer to increase our share from 45 percent to full acquisition.
"We want to race as Honda and we want to challenge for the championship. We want to take the team in a better direction.
The team will be renamed in time for the 2006 season, however, Oshima said that no decision had been made (as to the new name) at this time as the new name will probably reflect new sponsors.
"Basically it will be 100 percent Honda from 2006," he said. "We will complete the buyout by the end of the year. We have a highly motivated team and we expect to be much stronger."
"The name will be Honda something-or-other but we will have to talk with the sponsors before making that decision."
BAR has signed Jenson Button and Rubens Barrichello for 2006.