Formula One minnows Super Aguri were struggling for survival on Thursday after being dealt a hammerblow by a potential investor pulling out of a deal
TOKYO: Formula One minnows Super Aguri were struggling for survival on Thursday after being dealt a hammerblow by a potential investor pulling out of a deal to rescue the cash-strapped Japanese team. Founded in late 2005 by former Japanese F1 driver Aguri Suzuki, the team is now a major doubt to make the grid for the Spanish Grand Prix on April 27.
It was announced last month that Magma Group, a British motor industry consultant firm led by former Ford and Maserati executive Martin Leach, was in talks to aquire them.
Honda, which has provided engines and other support to Super Aguri, was also party to the negotiations. But Super Aguri announced late on Wednesday they had been informed by Magma 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,” the team said in a statement.
The BBC quoted Formula One commentator David Croft as saying that Magma’s major investor, Dubai International Capital, could be “stalling to lower the price-tag for a buyout, which is worth around 50 million pounds (98.5 million dollars).” He added,
“The majority of that money goes to Honda F1 who have been building and supplying the cars for Super Aguri,” he said. “If Honda can be persuaded to lower the price then maybe a deal can be resurrected but the team need to find a solution fast.”
Honda had no immediate comment on Thursday. Due to its lack of funding, the team are already sitting out testing in Barcelona this week ahead of the Spanish GP after scoring no points in the opening three races of the season.
The team’s drivers, Briton Anthony Davidson and Japan’s Takuma Sato, failed to finish in the opening round in Australia. Their best result was Davidson’s 15th place in Malaysia.
The team won just four points to end second last in the constructor’s championship last season. Headed by Suzuki, who was the first Asian on an F1 podium when he finished third at the 1990 Japanese Grand Prix, they initially had Japanese constructors, engine and tyre suppliers and drivers — Sato and Yuki Ide — as well as mostly domestic sponsors.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}