Ever since Honda Motor Co announced its December plan to quit Formula One racing, in order to focus on its key business of manufacture and sale of cars, the automaker has been sensing trouble in trying to sell its Formula One racing team - there appear to be no "serious" buyers!

In a news conference on Monday, Honda's CEO Takeo Fukui said: "We find the sale process difficult. There are various offers for the team but we have not seen any serious buyer yet." Fukui also said that would soon be quitting, and research expert Takanobu Ito would be taking over.

Honda bought out BAR Racing in 2005, after its initial stint with F1 racing in 1960s as a constructor, and in 1980s as an engine supplier.

With the economic downturn leading to a slump in car sales, for Honda it has become an uphill task raising sponsorship for its under-performing team. The operational budget of the Honda team is nearly $294 million and, last season, it finished in the ninth place overall. No wonder the sale of the team has become so difficult for Honda!

As per reports in the Sunday's edition of British newspaper The News of the World, Honda reportedly rebuffed an acquisition offer from F1 boss Bernie Ecclestone, a deal which would have allowed the team to race this season.