Super Aguri withdraw from F1 championship

The struggling Super Aguri team withdrew from the Formula One world championship yesterday due to financial difficulties.

The team had been fighting for their survival since last season when promised major sponsorship failed to emerge while backers Honda were not prepared to offer long-term support.

"Super Aguri will be ceasing its racing activities as of today," team founder Aguri Suzuki told a hastily convened news conference ahead of Sunday's Turkish Grand Prix.

"It had always been my dream to be a Formula One owner. The past two and a half years have flown past but I have no regrets."

A planned takeover by the Magma Group, with Dubai money, collapsed last month and Honda were lukewarm about an 11th-hour rescue bid from Germany's Weigl Group.

"We simply ran out of time to put together a deal with Weigl," said Suzuki, who had been due to meet Honda's board in Tokyo to discuss the team's fate.

"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."

Super Aguri's exit left Formula One with 10 teams for the first time since 2005.

Suzuki thanked Honda and tyre partners Bridgestone but took a parting shot at Honda F1 Chief Executive Nick Fry, who had expressed scepticism about Weigl and reportedly told Formula One Management that Super Aguri would not race in Turkey.

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