SUPER AGURI F1: Future In Doubt

Aguri Suzuki is considering the future of his team after confirming that the investment group intent on buying the outfit withdrew its offer on Wednesday.

Magma, working on behalf of Middle Eastern backers Dubai International Capital, informed Suzuki today that its investors 'no longer wish to fund the intended acquisition', once again throwing into doubt Super Aguri's continued participation in Formula One.

Having completed a full day of negotiations with Honda's senior management in a bid to secure the team's future, Suzuki released a statement announcing that the team are now working on alternative solutions.

The statement read: "Super Aguri F1 Team confirms that it has been informed by Magma Group, the potential purchasers of the team, that its investors no longer wish to fund the intended acquisition.

"It is with deep regret that Aguri Suzuki is now forced to consider the future of the team, however negotiations with other parties continue."

It seems likely that the outfit's best hope of competing in next weekend's Spanish Grand Prix depends on Honda continuing to fund the team and providing spares until a new backer can be found.

Suzuki is believed to be working with Honda to find a practical solution by Friday.

Honda's senior board rubber-stamped the Magma-led buyout of the team because they felt the proposal offered the best opportunity for the team to prosper and grow into a full constructor ahead of the 2009 season.

Super Aguri's future had been in doubt at the beginning of the year and they missed most of the pre-season testing before a last-minute deal with the Magma group secured their presence on the grid.

 

As of earlier today:



Aguri dispatch transporter to Barcelona

The Super Aguri team have dispatched the first of their transporters to Barcelona for next weekend's Spanish Grand Prix, while remaining optimistic that a financial package can be put in place to overcome the collapse of their planned rescue deal.

Team co-owner Aguri Suzuki confirmed on Wednesday that potential buyers Magma Group pulled out of their takeover bid, leaving Super Aguri short on budget and unclear whether they would have the funds and the spares to compete in Barcelona next weekend.

But a source inside the team told Autosport on Friday that Suzuki remains locked in talks with alternative backers and that he had made 'some steady progress, but was not out of the woods yet.'

Super Aguri's long-term future is likely to remain in doubt until at least early next week, and it seems likely that Honda will be asked to subsidise the team until a new financial package can be put in place.

"I don't think there will be a decision until after the weekend," Super Aguri co-owner Fumio Akita told Reuters on Friday.

"It is likely to be Monday or Tuesday until we hear. It will be very, very tight."

Suzuki agreed a deal with Magma before the start of the season after Honda indicated over the winter that it was no longer prepared to fully fund a B-team in Formula One.

With regulations set to come in to force insisting on teams designing and constructing their own chassis from 2009 onwards, Suzuki set about looking for alternative backers to give the team full independent status.

But Super Aguri's on-track competitiveness has been badly affected by the Magma takeover, with the team completing minimal pre-season testing during the build-up to the Melbourne season-opener.

Since then Takuma Sato and Anthony Davidson have been running on limited mileage, and were told to protect the cars over GP weekends to save spares, which are in short supply.

Super Aguri were the only team not present at this week's massive pre-European season test at Barcelona.