Richards (right) with Honda driver Jensen Button

Dave Richards, boss of the Banbury-based motorsport company Prodrive, says he is not considering a bid for the Honda Formula One team.

The Japanese company, whose F1 headquarters are in nearby Brackley, withdrew the team from the championship last month due for financial reasons.

"I have had a careful look at things and I don't think now is the right moment," Richards told BBC Oxford.

Richards has also confirmed that there may be some job losses at Prodrive.

Subaru, who had their World Rally Championship cars prepared in Oxfordshire by the company, recently withdrew from the sport.

Richards is planning to reassign some of the staff working with the team to other parts of the company but says some staff may have to be lost.

"The first task now is to is reassess and see what the landscape of the company will look like in the next few years," he said. "We want to reallocate as many staff as we can.

"It is a sad day when you have to lose people you have worked with, but inevitably there will have to be change."

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