Richard Branson has admitted he “might be interested” in buying the ailing Honda Formula One team but says he has not completed a deal yet.

Branson’s Virgin Group was linked with saving the F1 team on Thursday when the sports supremo Bernie Ecclestone said he had spoken to Branson about getting involved and that the British tycoon was interested.

However, Branson has since been coy about the possibility of doing a deal but did admit that he enjoys the sport and is open to the idea of becoming involved.

He told BBC News: “If we are in discussions then I wouldn’t be allowed to say because there would be some kind of clause which would prohibit me talking about it.”

Branson is not only worried about the cost of running the team but also whether the sport can become green and fuel efficient – a goal he has previously set for his airline business.

He added: “I love grands prix. If Bernie Ecclestone can make it more cost-effective for the likes of the Virgin brand to come into the sport, and if he can champion clean motor-car racing, which is possible to do by making sure all the cars run on clean fuels, at some stage we might be interested in getting involved.”

Earlier this week Ecclestone confirmed the deadline for Honda to be able to compete in this season’s championship was getting close. The first race is in Melbourne on March 29th.

The current Honda team, run by former Ferrari technical director Ross Braun, have negotiated a deal to have engines provided by Mercedes next season but the German manufacturer wants guarantees that their will be enough funding to pay for the engines all season.