The formula one team formerly known as Honda will be on the grid in some form at the Australian grand prix, it has been confirmed.
The previously-defunct team, which announced it was quitting the sport because of financial constraints last December, was saved after the Formula One Team's Association (Fota) announced cost reductions for the new season.
Honda chief executive Nick Fry told a news conference the British-based team's 700 employees would now keep their jobs.
"All the teams and their support have helped us preserve our team. So I, [team principal] Ross [Brawn] and our 700 employees thank them," he said.
"Our team will benefit from Fota.
"The cost reductions will help us over the next two to three years. But equally important is the support we've received from the other teams."
Fry did not comment on whether a new buyer had been found, what the revamped team would be called or whether its drivers' line-up would remained unchanged.
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