BAR sale to new company complete

The sale of BAR to a new joint venture company, BARH Limited, has been completed, British American Tobacco (BAT) announced on January 10th. BAR was put up for sale by administrators last month but it was purely a procedural operation as part of...

The sale of BAR to a new joint venture company, BARH Limited, has been completed, British American Tobacco (BAT) announced on January 10th. BAR was put up for sale by administrators last month but it was purely a procedural operation as part of the restructuring. Under the new company, BAT now owns 55% of BAR and Honda the remaining 45%.

"BARH Limited, the new 55/45 joint venture between British American Tobacco and Honda Motor Co., Ltd, has completed the acquisition of the B.A.R Formula One racing team from administrators Grant Thornton," the statement read.

It was announced in November that Honda, which has been engine supplier to BAR for the past few years, was to become an equity partner in the team. With the new arrangement, team principal David Richards will leave by the end of February and Nick Fry will take over as chief executive.

BAR will launch its 2005 challenger, the BAR Honda 007, this coming weekend at Barcelona's Circuit de Catalunya. Meanwhile the team is back on the test track for the first time in 2005 from today, Monday 10th, at Jerez.

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Series Formula 1
Drivers David Richards , Nick Fry