F1 supremo Bernie Ecclestone has vowed to do all within his power to save the team currently known as Honda from going under, amid renewed speculation that the team will be saved in time for the season-opening Grand Prix in Australia at the end of March. It was rumoured during the week that the heads of Honda F1, Ross Brawn and Nick Fry, had secured the support of five sponsors and engine supplier Mercedes, as well as the short-term backing of Honda which will allow them to start the season, although the long-term future of the team remains as uncertain as ever.

A supposed e-mail sent around to Honda F1 staff by Team Principal Ross Brawn suggested that the employees should start preparing as normal for the first race of the season, with an announcement on the team's future reportedly imminent. However, a Honda F1 spokesperson subsequently denied that an announcement was around the corner, but the team remains confident of surviving the current scare.

Speaking to British newspaper The Times, Ecclestone said he wants to see the team stay on the grid: “We've been talking to them - whatever happens we'd like to see the Formula One team stay in business.” However, when asked about rumours linking him to a financial support package for the team, the Briton refused to comment. “I'd rather not comment on that but we will do whatever we have to do to try to make it happen.”

In its report, the newspaper claimed that Ecclestone may face difficulties in offering financial support to Honda, given his commitments to the sport as its commercial rights holder and fearing that the European Commission may not approve of such a move. Ecclestone acknowledged that there potentially could be a problem: “I don't even know whether we could legally be involved - we probably couldn't. The Commission might say that because we are the commercial rights-holder we shouldn't be part of it. I don't know at this stage, but there is a possibility that loans could be made or something.”

There are just over 40 days remaining before the start of the 2009 season, and with every passing the day, the possibility of a true rescue package being put together becomes ever-more scarce.