Honda Motor Co said on Monday it currently sees no serious buyer for its Formula One team, a sign that Japan's second-largest automaker may have trouble selling off the team.

"There are various offers for the team but we have not seen any serious buyer yet," Honda chief executive Takeo Fukui told a news conference.

"We find the sale process difficult."

Honda put the team up for sale in December after announcing it was withdrawing from Formula One as a constructor and engine supplier as the global economic crisis sends car sales sliding.

The Japanese automaker has struggled to raise sponsorship for its under-performing team, spending an estimated $300 million of its own money but finishing ninth overall last season.

Honda Formula One team bosses turned down an offer from Bernie Ecclestone to help with a planned management buy-out, the sport's commercial supremo was quoted as saying on Sunday.

British entrepreneur Richard Branson also told BBC radio on Saturday that he loved Formula One and could step in to rescue the Honda team if certain conditions were met.

Honda said on Monday that CEO Takeo Fukui, a fan of motor racing, was stepping down.