Peugeot denies Honda buyout reports

Reports that the French carmaker PSA Peugeot-Citroen is seriously considering buying Honda's formula one team have been denied.

Anonymous sources had apparently told a Belgian motor racing magazine that the manufacturer, last involved in F1 as an engine supplier to Prost, had made enquiries to acquire the Brackley based squad.

"It's totally false," the spokesman for Peugeot Sport Jean-Claude Lefebvre, who was involved with the marque's most recent F1 project, is quoted as saying by La Gazzetta dello Sport.

He played down the suggestion that PSA is able to consider entering F1 at this time because it is being less affected by the global financial crisis.

Lefebvre said: "We are having big problems with sales, just like all the manufacturers. We have other things to think about other than considering going to F1."

La Gazzetta dello Sport said David Richards, believed to be backed by Arab money, as well as the GP2 team ART's Nicolas Todt, have also considered buying Honda.