Sir Richard Branson has revealed for the first time he would be interested in becoming involved in Formula One.

F1 supremo Bernie Ecclestone confirmed earlier this week Branson's Virgin Group "would love" to take on the up-for-sale Honda Racing team at Brackley.

Branson told BBC News: "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."

Honda stunned the world of motor sport in early January when they announced their immediate withdrawal from Formula One due to the effects of the global economic crisis.

It had been hoped a new owner would soon be found to allow Honda, in whatever new guise, to be on the grid for the season-opening race in Australia in five weeks' time.

A management buy-out, led by current CEO Nick Fry and team boss Ross Brawn, has been mooted for some time. That was until news of the emergence of Branson's Virgin Group came to the fore a few days ago.

Branson, though, refused to be drawn on whether he was in talks with Honda, repeating: "If there were I wouldn't be allowed to tell you, so I can't clarify it I'm afraid."

Honda were the team who at least promoted a 'greener' image with their 'earth dreams' initiative during the last two seasons.

The team opted to run their cars without sponsorship logos, preferring instead a pixellated image of the earth to promote global awareness.

But without sponsors, and with a £300m-per-year budget to service, owners Honda Motor Co. in Japan had to face up to the harsh reality of the economic downturn.