Christmas aim for Honda F1 sale

Bosses at Honda's Formula One base in Northamptonshire have said they hope to have a buyer for the team in place by Christmas.

The team says it has had three credible offers for the Brackley-based team since Honda announced it was pulling out of Formula One last week.

Honda Racing CEO Nick Fry said: "We have to have credible interest this side of Christmas."

Up to 800 staff could lose their jobs if a buyer is not found.

Honda blamed difficult financial conditions for its decision.

Mr Fry said Honda needed to be convinced a sale could be achieved early in the New Year.

He added: "Clearly, that doesn't mean we are going to have a deal done by the end of the year, but Honda need to be convinced there are serious, potential buyers out there."