Hamburg - Reports of a management buy-out which would allow the Honda team to compete in the 2009 Formula One season would not be confirmed by the team on Monday.

A spokeswoman told Deutsche Presse-Agentur dpa the Honda racing team had "no further comments or updates to make on the team's situation at this time."

British media reports have said a buy-out is being led by the team principal Ross Brawn and chief executive Nick Fry.

The future of the team has been in doubt after Honda announced in December it was withdrawing as constructor and engine supplier from Formula One.

The team has been absent from test driving in Jerez, Spain but could begin official testing in Barcelona next week ahead of the new season which begins in Melbourne on March 29.

Media reports say the new car, equipped with a Mercedes engine, is ready and waiting at the team's headquarters in Brackley, England.

According to Britain's Times newspaper, Honda driver Jenson Button will play his part in the success of a management buy-out by agreeing to give up half his salary plus bonuses, which could amount to as much as 5 million pounds (7 million dollars) a year over the next three years. (dpa)