I know! While that team has great facilities and capabilities, I don't like the chances of Honda being able to buy that back, depending on whether Ineos is keen to sell.
Honda seem to have good synergies with Italy too, with their relationship with the likes of JAS Motorsport. Perhaps Prema Racing could be contracted to run the Honda F1 cars that are built in Japan?
Indeed, perhaps French constructor Oreca could be contracted to build the Honda F1 chassis, as they seem to have done a great job with the LMDh car (albeit a HPD rather than HRC project)? But the most "Honda way" to do it, would be attempt to do the chassis in-house (while rotating junior engineers through the F1 program for learning purposes).
Of course, a relationship with top constructor Red Bull Racing would give the best chance of short-term success from 2026-on but this seems unlikely, and besides the point to Honda entering as a full constructor comparable to Ferrari, Alpine or Mercedes.