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Unfortunately, it seems no one has the rights, and no one is interested. The Hasbro panel at BotCon 2002 was asked pretty much the same question, and they said something to the effect of not focusing on the Japanese series.
Maverick in the UK released a dubbed-only volume of The Headmasters (from the really really bad English dub done in Asia), but I question the legality of this release since the episodes were dumped onto DVD from a source recorded off of TV or satellite broadcast.
I'm still working on Masterforce myself, and will be releasing traditional fansubs, digisubs, and timed scripts after the 1st R2 box comes out at the end of March. Should have at least the 1st 12 eps ready shortly after the R2 box's release, then an episode every other week or so. Planning on doing Victory after I finish Masterforce. Dunno if I'll ever get around to doing The Headmasters, since it's my least favorite Japanese Trasnformers anime. I'd rather do Beast Wars II or Beast Wars Neo, but there's no DVD box for those series yet...
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