Formula One supremo Bernie Ecclestone has revealed that he attempted to help the failing Honda Racing outfit with a management buyout to help the Brackley based squad remain on the grid in the upcoming 2009 Formula One Championship season, however, his offer was rejected.

"I tried to help with the management buy-out," he told News of the World. "They should have taken what I offered.  It was a very good offer for everybody concerned. It gave them complete protection but they wanted to do things on their own. Now all we can do is hope and pray."

The management buyout was one of two options available to the team, apart from fully closing the doors, the other being a purchase from Richard Branson and the Virgin Group, that would only come to a successful conclusion if certain, unknown, conditions were met.