An announcement regarding the future of the former Honda F1 team is due to be made very shortly, if the words of the team's former CEO Nick Fry are to be believed. Speaking at the Formula One Teams Association press conference in Geneva today, Fry stopped just short of confirming the team would be on the 2009 grid in Melbourne.

“There is an announcement due shortly,” said Fry, “that's all I can say.”

Fry's comments come as rumours intensify that the team is due to shakedown its 2009 contender in the UK tomorrow, before travelling to Barcelona for the year's final group test starting on Monday. With more movement also going on at the team's Brackley base, it's likely that an official announcement will be made tomorrow.

Ever since Honda decided to pull the plug on its F1 operation, speculation has linked countless individuals and companies with a takeover. Most recently, the Virgin Group was rumoured to be discussing a buyout, but it is now understood that the team will be run by the teams' management, with significant support from Honda. Such a move will more than likely see much of the team's 700-odd staff cut, while a number of sponsors are also reportedly having come on board to secure the squad's future.

At today's press conference, Fry also revealed that, had it not been for FOTA, the team would almost certainly have been disbanded, with the support he and Team Principal Ross Brawn received playing a major role in the team's expected survival.

“Our team has been benefiting and will benefit from FOTA, first in cost reductions and help for the next three years and also from the level of support over the last three months from all the teams,” said Fry on Thursday. “On the day Honda announced that they were pulling out we had support from Luca di Montezemolo and from Ron Dennis and everyone up here [the team principals] has helped us to preserve the team. I and the 700 employees thank them for that.”

Further adding to the speculation was the absence of former Honda F1 Team Principal Ross Brawn, who is understood to have flown back to England on Wednesday to finalise the team's survival plans. The Briton heads FOTA's Technical Working Group, and was in attendance at a FOTA meeting in Switzerland on Wednesday.