From GMM

A source close to the Brackley based formula one team has confirmed that Virgin Group is the late bidder hoping to buy the beleaguered outfit. But Sir Richard Branson is not the only one.

It has been rumoured that Virgin, headed by the flamboyant British billionaire Sir Richard Branson, was the unnamed third party who stepped in and scupper the progress of the Nick Fry and Ross Brawn-led management buyout.

"They have made a bid to purchase the team," the source, requesting to remain unidentified, was quoted as telling Reuters.

But the Virgin Group is not the only bidder, a spokeswoman for owner Honda Motor Co. said on Wednesday.

She insisted that Virgin's is just "one of many" bids. She told the Bloomberg agency that there are "several potential buyers".

She declined to name the other bidders, but said the team will only be sold with the approval of Honda's Tokyo-based board of directors.