The Super Aguri team need new investors in order to continue their Formula One race

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 at Catalunya on April 27.
 
Magma Group, a British motor industry consultant firm led by former Ford and Maserati executive Martin Leach, were in talks last month to aquire the team, with Honda, which has provided engines and other support to Super Aguri, also party to the negotiations.

However Super Aguri announced late 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 majority of that money goes to Honda F1 who have been building and supplying the cars for Super Aguri," Croft 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."

Due to its lack of funding, Super Aguri 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.

Financial problems

Briton Anthony Davidson and Japan's Takuma Sato, Super Aguri drivers, failed to finish in the opening round in Australia, with Davidson's 15th place in Malaysia their best result this season.

The team won just four points to end second last in the constructor's championship last year.

Headed by Suzuki, who was the first Asian on an F1 podium when he finished third at the 1990 Japanese Grand Prix, Super Aguri  initially had Japanese constructors, engine and tyre suppliers and drivers, Sato and Yuki Ide, as well as mostly domestic sponsors.

But Ide was stripped of his F1 license for lack of sufficient skills after four races and was replaced by Frenchman Franck Montagny.

In 2007 SS United Group, a Hong Kong-based oil and gas trading firm, became Super Aguri's title sponsor but defaulted on sponsorship payments.

Recurring financial problems forced the team to skip most of winter testing this year.

There had been pre-season talk that an Indian consortium led by the Spice Group telecom company was interested in buying into the team, but only if Indian driver Narain Karthikeyan was in one of the two cockpits.

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