Branson hints at move into Formula One

Feb 21, 2009, 16:45 GMT

London - Virgin boss Sir Richard Branson admitted in an interview Saturday that he would consider becoming involved in Formula One if certain financial and environmental conditions were met.

'They need to get the rules changed to make F1 economically viable in these tough times,' he told BBC 5 Live radio.

'F1 should be also championing cleaner technology. If we were to get involved we'd want our cars run on clean fuels.'

Branson's comments have renewed hopes that Honda, who last December announced their immediate withdrawal from the sport because of the global economic crisis, could be on the grid in a new guise for the season-opening Australian Grand Prix on March 29.

'If we were (going to take over Honda) there would be a clause that would prevent me talking about it,' Branson said.

'Having said that, I love Formula One, I think it could be even more exciting and I think the management of the sport agree on that.

'But I think they need to organise F1 so the teams can actually make money rather than lose it, particularly the smaller teams.'

Earlier this week, F1 supremo Bernie Ecclestone said he would like it if Branson and Virgin got involved in the sport, saying he was 'working to try to make it happen.'

Branson has been involved with F1 in a minor capacity - his Virgin Mobile company sponsored the Jordan team in 2002 - but it would take a huge investment to run the Honda outfit in the 2009 season.

'Any sensible investor in F1 would want to have a very good discussion with Bernie to make sure that the rules of engagement make the sport less cash-hungry going forward,' Branson told the BBC.

'You can still have an incredibly exciting sport that doesn't cost each team hundreds of millions every year just to get the car on the road.'