By Phil Huff (21/11/2004)
November 21 2004

British American Racing GP Ltd could be placed into administration if some minority shareholders refuse to sell their holdings to Honda and British American Tobacco. Team founder Craig Pollock, original team partner Adrian Reynard and BAR's original commercial director Rick Gorne own 10% of the team, a much reduced figure following British American Tobacco's (BAT) trading of debt into equity. BAT and Honda have made a joint offer to buy the shares, and are now waiting for a response.


The BAR F1 Operations Centre

BAT confirmed that, should the trio refuse a sale, the company would be put into administration.

Speaking to Reuters, a spokesman confirmed "The new joint venture company then expects to acquire, from the administrator, the shares in British American Racing GP Ltd which operates the team and which is the holding company's principal asset. The day to day activities of the team will not be affected by this process."

"This is a natural extension of our relationship with BAR and is an important step for both partners," added Honda Managing Director Takanobu Ito.