BAR Honda put up for sale

By Phil Huff (15/12/2004)
December 15 2004

Lucky Strike BAR Honda has been put up for sale, with an advert appearing on the Financial Times website offering the 'entire issued share capital'.

The only buyer of the team will be Lucky Strike (or specifically British American Tobacco) and Honda, who recently announced their intention to buy 45% of the team.

"BAR – Formula One motor racing team," the advert reads.

"The Joint Administrators of British American Racing (Holdings) Limited, Simon Morris and Andrew Hosking, offer for sale the entire issued share capital of British American Racing GP Limited.

"Established, highly successful Formula One motor racing team.

"Finished 2nd only to Ferrari in the F1 constructors championship in 2004.

"Operates from a state of the art leasehold site at Brackley, Northamptonshire, England.

"All interested parties should contact Sean Weaver of Grant Thornton UK LLP, Grant Thornton house, Melton Street, Euston Square, London NW1 2EP."

The sale is procedural, allowing the two parties to set up a new joint venture, finally ousting founders Craig Pollock, Adrian Reynard and Rick Gorne.

"The new joint venture company expects to acquire, from the administrator, the shares in British American Racing GP Ltd which operates the team and which is the holding company's principal asset," explained a spokesman last month. "The day to day activities of the team will not be affected by this process."

"This is a natural extension of our relationship with BAR and is an important step for both partners," added Honda Managing Director Takanobu Ito.