Motor racing-Honda F1 team still hopeful of finding a buyer

LONDON Dec 19 (Reuters) - The Honda Formula One team are continuing to develop their 2009 car in the hope of finding a buyer after the Japanese carmaker's decision to leave the championship, said chief executive Nick Fry.

"We have had a high level of interest in the team since Honda Motor Co. announced their withdrawal from Formula One," he told the autosport.com website on Friday.

"Since that time, (team principal) Ross (Brawn) and I have been engaged in ongoing discussions with several serious potential new owners who have expressed an interest in purchasing the team," he added.

"Work on the development and build of our 2009 car continues during the next few weeks to ensure that our objective of being on the grid at Melbourne at the end of March will be achieved," said Fry.

The Formula One season starts in Australia on March 29.

Honda, possibly the sport's biggest spenders with an annual budget estimated at more than $300 million, announced this month they were pulling out of Formula One due to the global fnancial crisis.

Fry said on Dec. 5 that two or three 'global players' had expressed interest in the team but no details have been provided since then.

Honda's exit has left British driver Jenson Button, who had a contract with Honda for next season, facing an uncertain future. (Reporting by Alan Baldwin, editing by Ken Ferris)