Honda has revealed it currently has no serious buyers to take over its Formula One team.

"There are various offers for the team but we haven't seen any serious buyer," Honda president Takeo Fukui said "We find the sale process difficult." .

Takeo Fukui was speaking at a  press conference in Tokyo following board meetings  It was also announced that Fukui would be stepping down from his role as CEO in June. He will be replaced by Takanobu Ito.