LONDON, ENGLAND - HONDA CEO Nick Fry said on Friday a trio of prospective buyers have already expressed a serious interest in taking over the stricken Formula One team.

Honda on Friday announced its withdrawal from Formula One over the global financial crisis, ending an involvement which began in the 1960s and raising fresh fears over the sport's future.

While there are fears other teams could follow suit, world motorsport chief Max Mosley said Honda's decision upholds his belief that important cost-cutting measures are vital if Formula One is to be sustained.

Mr Fry, the CEO of Honda Racing, meanwhile remains hopeful that new owners will be found and the team will be on the grid for the start of next season in Australia on March 29.

'In the last 12 hours we've had three serious people come to us and suggest they would like to buy the team, so we're still hoping to be there in Melbourne,' Mr Fry told BBC Radio 5 Live.

The development of next year's car is already at an advanced stage, with Mr Fry believing as a going concern, the team in its present guise should be seen as a valuable commodity.

'The one thing I would say is that this is a completely different situation from prior Formula One teams stopping,' added Mr Fry.

'This team is one of the best funded, has the best assets, the best resources in the pit lane, a fantastic group of people, and a car designed by Ross Brawn, who has won many world championships, and is ready to go next year.

'I think we are going to be a desirable asset for somebody. We are very hopeful, as are most of the commentators in Formula One, that this team is going to take a big step upwards, so it is a big opportunity for somebody.'

After six years supplying engines to BAR, Honda became a works team in their own right in 2006, with Jenson Button winning their only race to date in Hungary that year.

The last two years have been miserable for all concerned at Honda, who finished ninth in last season's constructors' championship, and with Button last of the 18 points-scoring drivers.

Formula One supremo Bernie Ecclestone, who faces the prospect of running an 18-car grid next season, firmly vouched for Honda's potential credentials.

'It's a big, big shame for Honda because I have no doubt they would have been running in the top four next year without any problems,' he said.

'They have spent a lot of money to put themselves in that position, so if anyone does want to be in Formula One, this is a team they should certainly look to buy.'

Asked whether F1 was in crisis, Ecclestone replied: 'Formula One is in no bigger a crisis than any other company throughout the world - the world is in crisis at the moment.

'But the world won't stop, that's for sure.'

Honda's withdrawal has confirmed FIA president Mosley's fears that the cost of competing in F1 is unsustainable. A FIA statement read: 'In the FIA's view, the global economic downturn has only exacerbated an already critical situation.

'As the guardians of the sport, the FIA is committed to working with the commercial rights holder (Ecclestone) and the remaining members of FOTA (Formula One Teams' Association) to ensure Formula One becomes financially sustainable.'

Mr Mosley's primary proposal is the introduction of a standardised engine, to be supplied by Cosworth, and transmission from Xtrac and Ricardo from 2010. -- AFP