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TOKYO — The struggling Super Aguri team withdrew from the Formula One world championship on Tuesday 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."
Super Aguri Formula One driver Takuma Sato of Japan takes a curve ahead of Ferrari driver Kimi Raikkonen of Finland during the second free practice session for the Spanish F1 Grand Prix at the Catalunya racetrack in Montmelo on April 25. (Gustau Nacarino/Reuters)
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 on Tuesday 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.
"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."
Super Aguri's trucks had already been denied access to the Istanbul circuit for the fifth round of the championship, while their cars remained at the Honda F1 factory in central England.
The decision to withdraw left Japanese driver Takuma Sato and Britain's Anthony Davidson out in the cold.
"The drivers have been fantastic," said Suzuki, his voice trembling with emotion.
"When we started the cars wouldn't even go in a straight line but Takuma never once complained. The drivers have always been so positive."
Sato, a popular figure in Japan around whom the team was built after he was dropped by Honda in 2005, scored all four of their points last season. Neither driver has scored this year.
Super Aguri competed with chassis and engines provided by Honda but a rule change banning the use of so-called 'customer cars' also made them a less attractive takeover target.
Suzuki acknowledged the strain of trying to keep the team afloat had got to him and was hesitant about returning to Formula One in the near future.
"I'm exhausted," he said with a grin. "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."
