Nick Fry has revealed that an official announcement regarding the future of the Honda F1 Racing team will come 'very soon' and has thanked the remainder of the Formula One fraternity for helping secure its place on the grid.

While he refused to divulge any details about the impending announcement, which is expected to confirm a management buy-out led by Ross Brawn and himself, Fry revealed that the remaining teams on the grid had helped the to survive, with the new cost cutting measures brought into the sport also making it viable for the team to continue.

"There is an announcement due shortly, that's all I can say," Fry was quoted by ITV-F1 during FOTA's Geneva press conference. "Our team has been and will benefit from FOTA, first in cost reductions and help for the next three years and also from the level of support over the last three months from the all the teams.

"On the day Honda announced that they were pulling out we had support from Luca di Montezemolo and from Ron Dennis and everyone up here has helped us to preserve the team. I and the 700 employees thank them for that."

The team, the name of which continues to be a mystery, is expected to run its car for the first time tomorrow in shakedown test before heading to Spain for next weeks group test in Barcelona.

Jenson Button is expected to lead the team with his team-mate from recent seasons, Rubens Barrichello, also getting the nod to return despite intense speculation over the winter that Bruno Senna was being lined up for the second seat.

The new team is expected to run with Mercedes engines after Force India team chief Vijay Mallya agreed to a relaxation of the rule that states an engine manufacturer can only supply two teams during the course of the season (More details HERE).