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BAR put up for sale by administrators
December 15, 2004 15:32 IST
Jenson Button's BAR Formula One team has been put up for sale -- but only to allow a new joint venture between engine partners Honda and majority owners British American Tobacco to buy it back.
The FT.com website on Tuesday posted on its 'Businesses For Sale' section a listing by the joint administrators offering the entire issued share capital of British American Racing GP Limited.
"Established highly successful Formula One motor racing team," it said. "Finished second only to Ferrari in the F1 constructors' championship in 2004."
However, a BAT spokesman confirmed that the listing was purely procedural.
BAT and Honda announced last month that they would form a joint venture company to replace the existing ownership structure and leave BAT with a 55 percent controlling stake and Honda 45.
They said at the time that if any of the small shareholders, who own some 10 percent of the team, refused to sell, BAT would seek the appointment of administrators.
"The new joint venture company then expects to acquire, from the administrator, the shares in British American Racing GP limited which operates the team and which is the holding company's principal asset," a BAT statement said last month.
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