The former Honda F1 team has a white knight, and his name is Ross Brawn. The man originally brought in by former team principal Nick Fry to help turn the struggling team around has ended up taking control of it, along with four partners thought to include Fry and financial director Nigel Kerr. Brawn and Fry have been reported to have an equal share in the team, but it will most certainly be run by Brawn.

Some reports claim that the team will be called Brawn Sport, while others say it will be called Brackley F1 – Brackley being the site of the team's UK headquarters. Whatever it's called, the team has been funded by an advance on its Formula 1 television rights money, and Honda. The carmaker decided it would be better and cheaper to give the new team money than to close up shop and pay several hundred severance packages.

Jenson Button has taken a pay cut to remain with the team, but his teammate hasn't been named. With recent events, Bruno Senna is thought to be out of the running so that Rubens Barrichello can provide continuity and experience. The team's Mercedes engines have already been paid for and installed, and a shakedown is scheduled for this Thursday at Silverstone. For F1 fans, it means there'll be another team in what is looking like a fascinating season.

[Source: Daily F1 | Photo by Bryn Lennon/Getty]