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Emirates has moved to deny rumours linking it to a possible title sponsorship of the team that is set to rise from the ashes of Honda Racing F1.

Honda Racing has applied for a Government bail-out to save its beleaguered Formula 1 team, it has been revealed - meaning that if it does succeed in making the starting grid for the Australian Grand Prix in two months' time, it will be British taxpayers who have enabled it to do so.

Nick Fry has responded to accusations that he is presiding over a conflict of interest in having submitted his own bid to take over Honda's defunct Formula 1 outfit - as he suggested that 'attempts are being made by certain parties to frustrate this process'.

Whilst re-iterating that it would not be 'financially viable' for Prodrive to enter Formula 1 in 2009 by taking over the defunct Honda operation, David Richards is adamant that 'one day' he will be back in the top flight - when the conditions are right.

Whilst David Richards' independent Prodrive operation appears to have dropped out of the running and rumours surrounding TELMEX telecommunications tycoon Carlos Slim proved to be entirely unfounded, Crash.net understands that there is another bidder who is extremely serious about the purch

David Richards has said that he 'disagrees' with those who claim Honda's moribund Formula 1 team is 'an attractive proposition', as it has emerged that he is the favourite to purchase and take over the squad ahead of the 2009 season.

Honda looks likely to keep both Jenson Button and Rubens Barrichello in its Formula 1 line-up in 2009 - that was the assertion of the Brackley-based concern's team principal Ross Brawn ahead of the German Grand Prix this weekend.

Yasuhiro Wada has said he will only accept the same mistake once, as Honda aims high in 2008 in a bid to atone for a 2007 Formula 1 campaign that fell disastrously below expectations.