Super Aguri facing uncertain future after deal collapses
Wednesday, 16 Apr 2008 17:05
Super Aguri facing uncertain future
Cash-strapped formula one team Super Aguri have admitted they could fold after their main potential buyer pulled out of a deal.
The Magma Group, which had expressed an interest in purchasing the Japanese marque, has told Super Aguri that they no longer have the backing of their investors to go ahead with the transaction.
Magma is controlled by Dubai International Capital (DIC), the Middle Eastern group that has been linked with buying Liverpool Football Club for the last 18 months.
And DIC are thought to have doubts over the financial viability of an investment in Super Aguri.
A statement issued by the team reads: "Super Aguri confirms that it has been informed by Magma Group, the potential purchasers of the team, that its investors no longer wish to fund the intended acquisition.
"It is with deep regret that [team owner] Aguri Suzuki is now forced to consider the future of the team. However, negotiations with other parties continue."
It remains unclear whether the team will have the necessary funding to compete at the upcoming grand prix in Barcelona next weekend.
They have already been forced to withdraw from scheduled testing sessions at the Circuit de Catalunya in Spain.