Super Aguri out of F1 !! read the whole saga here

Super Aguri has pulled out of Formula 1 with immediate effect, leaving Takuma Sato and Anthony Davidson without drives.

The team's future had been in doubt since a proposed buyout deal with the Magma Group and Dubai International Capital fell through following the Bahrain Grand Prix.

Aguri Suzuki's squad raced in Spain with assistance from Honda and hoped that a rescue package from German automotive firm Weigl AG would allow it to stay afloat – but in a statement released this morning, Suzuki confirmed that his team had reached the end of the road.

"In order to realise my dream to become an owner of a Formula 1 team, I applied for a grid position in the FIA Formula 1 world championship in November 2005," Suzuki said.

"Since then, I have participated in the championship for two years and four months as the Super Aguri F1 team, but regretfully I must inform you that the team will be ceasing its racing activities as of today."

Super Aguri's problems started when a major sponsor defaulted last season.

In addition to making up for that shortfall, the team also had to find significantly larger resources for the future, as so-called 'customer car' deals such as its relationship with Honda are set to be outlawed.

"The breach of contract by the promised partner SS United Oil & Gas Company resulted in the loss of financial backing and immediately put the team into financial difficulties," Suzuki said.

"Also, the change in direction of the environment surrounding the team, in terms of the use of customer chassis, has affected our ability to find partners.

"Meanwhile, with the help of Honda, we have somehow managed to keep the team going, but we find it difficult to establish a way to continue the activities in the future within the environment surrounding F1 and, as a result, I have concluded to withdraw from the championship.

"I would like to express my deepest thanks to Honda; Bridgestone; the sponsors; all the people who have given us advice during various situations over the past couple of years; all the team staff who have kept their motivation high and always done their best; Anthony Davidson, who has always pushed to the limit despite the very difficult conditions; Takuma Sato, who has been with us from the very start and has always fought hard and led the team; and lastly our fans from all over the world, who have loyally supported the Super Aguri F1 team.”

Super Aguri was originally formed with Honda assistance in late 2005 when the Japanese company needed to find a new drive for its hugely popular protege Sato.

After a frantic race against time, the team took to the grid with a modified 2002 Arrows chassis and Honda V8 power in 2006, and made steady progress through the year.

Last season it used a version of the 2006 Honda to score its first points finishes, but its financial situation began to affect its form by the end of the season.

As Super Aguri sat out much of winter testing, there were doubts over whether it would race at all in 2008.

The promise of the Magma deal got the team onto the grid for the first few rounds, but once this fell through, its days were numbered, with Honda sceptical about the strength of the latest Weigl bid.

The writing was on the wall was Super Aguri's trucks and motorhome were refused access to the Istanbul paddock this weekend after Honda reportedly informed Formula One Management that the team would not be racing in Turkey.

Aguri Suzuki admitted his team simply ran out of time to secure a rescue deal after announcing its Formula 1 adventure was over on Tuesday.

The financially troubled squad has pulled out of the sport with immediate effect despite Suzuki's best efforts to secure its future.

After the Magma Group backed out of a planned takeover earlier this month, there seemed some hope that an offer from the German automotive firm Weigl AG could secure the team’s continued participation in F1.

But after confirming his team’s exit, Suzuki told a Tokyo news conference that time had finally ran out for the minnow.

“We simply ran out of time to put together a deal with Weigl," he was quoted as saying by Reuters.

"Magma pulled out suddenly, and without any explanation, and since then I have been flying all over the world talking to other companies but was unable to secure a deal.

"Financially it was just impossible to continue in F1 with the enormous budgets needed today.

“We did reach a basic agreement with Weigl but were always battling against time."

The Weigl Group’s rescue package had been greeted with scepticism by Honda Racing CEO Nick Fry over the weekend, who doubted it was a big enough company to finance an F1 team.

Suzuki took the opportunity in the press conference to take a parting shot at Fry.

"I don't understand how suddenly Nick Fry needs to be commenting on everything," he said.

"Honda were our backers and he's not the CEO of Honda.

“I have no interest in Nick Fry whatsoever and have no idea what he was talking about.”

Suzuki, with financial and technical support from Honda, launched the team against the odds in late 2005 and saw it punch above its weight over the next two seasons, scoring four points last year.

But despite the desperate end to the outfit’s stay in F1, the former driver said he had no regrets about taking on the challenge – although he admitted he wasn’t keen on an immediate return to the sport.

"It had always been my dream to be a Formula 1 owner,” he said.

“The past two and a half years have flown past but I have no regrets."

He added: "I definitely need a break.

“It's a piranha club and I kind of feel that I don't want to stick my fingers back in."

Originally Posted by KingKrool

Hmmm... tell Anil Ambani to buy it. It can't possibly do worse than his brother's cricket team...

Originally Posted by KingKrool

Hmmm... tell Anil Ambani to buy it. It can't possibly do worse than his brother's cricket team...