LONDON — Honda reportedly spurned a buy-out offer from Bernie Ecclestone that would have allowed the Formula One team to race this season.

"They should have taken what I offered. It was a very good offer for everybody concerned," Ecclestone said in Sunday's edition of The News of the World. "It gave them complete protection, but they wanted to do things on their own."

The British tabloid said Honda team principals Ross Brawn and Nick Fry rejected a $143-million offer from the F1 boss, who would have then had a say in the Formula One Teams Association.

Ecclestone said that Honda must accept a management buy-out, sell to Virgin's Richard Branson or disband. Branson said Saturday that he would be interested in bringing Virgin into F1 if the sport was greener and costs were reduced.

The 78-year-old Ecclestone said the move would have meant that Bruno Senna, nephew of late three-time world champion Ayrton Senna, would have raced this season.

"The silly thing is we have got Bruno wanting to drive," Ecclestone said. "It would be fantastic for everybody to have the name Senna back in F1."

British driver Jenson Button would fill the other seat should the team be on the starting grid for the season-opening Australian Grand Prix on March 29.