27/02/2009
NEWS STORY
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Though there is still no official word on what is happening at Brackley, many will head off into the weekend in the belief that the former Honda team has been "saved" and that all is well. Rejoice people, rejoice!
However, from what we are hearing, all at Brackley is far from well, with one source claiming the workforce is on the verge of "mutiny"
The fact is that had the operation been closed down in December, when Honda announced its withdrawal from F1, all bills would have been paid and all members of staff would have received adequate redundancy packages. People would have been out of jobs, but everyone would have been given the money they were entitled to.
However, as we await any form of official news from Brackley - has Nick Fry lost his voice! - there is talk that up to half the workforce could lose their jobs. Furthermore, those that are retained will be expected to take pay cuts of up to 20 percent.
Assuming the talk of management buy out is true, one has to wonder exactly where the money is coming from.
Some will come from Honda as we already know, while FOM will advance TV monies as it has with Williams. However, when it is claimed that the remainder will come from sponsors, one has to ask, what sponsors?
We are currently going through one of the worst financial crisis in living history, with no sign of a let up. Despite the best efforts of FOTA and the FIA we have yet to see the effects of the planned spending cuts, and in all honesty it may take some time.
Honda is going out into a market where proven winners Renault and Williams are already searching for sponsors, and we hear that Ferrari might also be looking to break with Philip Morris.
Now, compared to these three F1 giants, where exactly does Honda stack up when it comes to impressing would be sponsors. As we have said before, with the mighty backing of the Honda Motor Company the team achieved little of significance - and we repeat, would Honda have pulled the plug had its team been challenging for wins, far less the title.
Under its own steam Honda was unable to find a sponsor worth talking about, hence the worthless EarthDreams nonsense, where are these new backers going to suddenly appear from now?
Furthermore, ignoring the team's previous in terms of results and attracting sponsorship, ignoring the fact that the Brackley team is up against Renault, Williams and possibly Ferrari, what is there to attract a sponsor at this time, when the 2009 car has yet to run and an engine deal is yet to be confirmed.
There are very real fears, not least at Brackley, that if this management buy-out goes tits up, and there is nothing to say it won't, a lot of people will lose out.
However, if the new management is so very confident that it can do what it has clearly assured Honda it can do, namely, to find sponsorship and establish a new competitive F1 team with a future, there is one simple way to appease those members of staff clearly frightened to death by the prospect of the team going under a year from now and nobody getting what's owed to them, what Honda has earmarked for them.
Our suggestion would be that whatever deal has been done, or is about to be done, Honda should insist that this money be held in escrow such that it can ONLY be used for the purposes intended.
Over to you guys.