The chief executive of the Brackley-based Honda F1 team, Nick Fry, revealed a trio of prospective buyers have already made clear their interest in taking over the team.

The Japanese giants have confirmed they are pulling out of Formula One, a decision made in light of the global financial crisis and in a bid to preserve their core business activities.

"In the last 12 hours we've had three serious people come to us and suggest they would like to buy the team, so we're still hoping to be there in Melbourne," confirmed Fry on BBC Radio 5 Live.

"The one thing I would say is that this is a completely different situation from prior Formula One teams stopping," added Fry.

"This team is one of the best funded, has the best assets, the best resources in the pit lane, a fantastic group of people, and a car designed by Ross Brawn, who has won many world championships, and is ready to go next year.

"I think we are going to be a desirable asset for somebody.

"We are very hopeful, as are most of the commentators in Formula One, that this team is going to take a big step upwards, so it is a big opportunity for somebody."

The knock-on effect from falling car sales around the world, in particular in the biggest market of the United States, has forced Honda to act.

"This is all to do with the financial situation in the world, and as you know all the motor companies are being struck very hard by falling sales," confirmed Fry.

"Clearly more success on the track would have been nice, but this is a much-bigger-picture issue."