Earlier reports that Honda’s ailing F1 team had been bought out by Mexican Billionaire Carlos Helu have been quashed by a source inside the businessman’s industrial and financial empire.

Who will save Honda has been a hotly discussed topic and rumours have been flying thick and fast. While the circus might be amusing for spectators, Honda F1 is likely not amused.

The source from within the Helu camp put an end to the story:

“There is no deal for the Honda team. There is neither agreement nor negotiations,” the source is quoted as saying.

The original claims stem from an article published in Italian newspaper La Stampa. Whoops, move on, nothing to see here.

This means that David Richards of Prodrive, Greek shipping tycoon Achilleas Kallakis, and Force India boss Vijay Mallya may each still be in the running to take ownership of the team.

Who will end up at the helm is anyone’s guess. With the amount of fluff circulating around the traps, it is hard to separate fact from fiction. We’ll keep an eye on this story as it evolves and do our best to bring you the play, blow-by-blow.