Super Aguri takeover falls through

[TheStig]

Super Aguri’s immediate future has been plunged into doubt again after the team announced that a deal with prospective owners the Magma Group has fallen through.

The Leafield-based squad's participation in the 2008 season finally seemed resolve after a winter of financial uncertainty when it announced it had reached an agreement for a takeover by the investment firm on the eve of the Australian Grand Prix in March.

Full Article:


http://www.itv-f1.com/News_Article.aspx?id=42324&PO=42324

TheStig

[Alianora La Canta]

This is frustrating! I really thought that deal was going to work! Now who will be Super Aguri's white knight?

[Dare]

Just when you thought their futere was
secure,this.

Hope they don't go the way of Arrows

[TheStig]

DIC,the mob who were involved with the takeover of Liverpool F.C, may be sitting on the fence, to see if they can buy the team for a song.Bernie could even step in,but if we see them in Spain is unsure.

TheStig

[Scott]

I would think that since they are a baby Honda team, it might be bad for marketing purposes to let that team fail with Honda's logo all over it when it hits the front pages.  My hope is that Honda will save the day.

[cosworth151]

At least Spain isn't a flyway, so travel costs will be much less. I've been getting worried about this, since things got way too quiet right after the first anouncement.

What I'd like to see happen is to have former Champ Car owner Kevin Kalkhoven and his buddy Paul Stoddart get together and jump in. I think Kalkhoven owns an engine manufacturer, too.

Just in case, I'm unpacking all of my Minardi Cosworth gear.......

[Scott]

Great idea...Forsythe has nothing to do with his zillions either!

[Scott]

Only three days to find funding...I noticed at the bottom of the article, one of the possibilities is an American group - is Cos right, and maybe the old CART boys with Stoddart will put some money in and take it over?  That would be very cool - they'd probably even keep Davidson around and get Honda to up Sato's backing to keep him on board.  Anyway, here's the article:

From F1 Live

A team insider has painted a bleak picture of Super Aguri's race against time for survival.

The Japanese team announced on Wednesday that the expected backing of the agreed buyout group Magma will not materialise.

After Super Aguri sat out the Barcelona test this week, a team insider told the German magazine Auto Motor und Sport late on Wednesday: "We have exactly three days to find an alternate solution.

"If we do not find the money, we cannot race," he added ominously.

The three day deadline is believed to relate to the need for transporters to leave the Leafield factory for Barcelona's Circuit de Catalunya on Saturday, ahead of the Spanish Grand Prix the following weekend. 
 
The struggling team is now hoping for a bail-out by previous team backer Honda, or F1 Chief Executive Bernie Ecclestone, who will be hoping to retain a full grid.

It is also rumoured that a German company, and possibly also a group from America, are still interested in buying Super Aguri.

[Dare]

Maybe Max will try and put a deal together,it may
be his only chance to remain in f1

[Scott]

God help us - Max as a team owner??  Sponsored by Hooters and XXX Cinema?

[Dare]

God help us - Max as a team owner??  Sponsored by Hooters and XXX Cinema?

A black S&M sponsored car,might be the best
livery on the grid.

Grid girls dressed in black leather just might
spice things up a little

Max getting a prerace whipping could replace
the grid walk ,I know I'd tune in for it

[cosworth151]

The official statement from Aguri Suzuki:

SUPER AGURI F1 TEAM 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 Aguri Suzuki is now forced to consider the future of the team, however negotiations with other parties continue.

The team will issue a further statement in due course.

[Scott]

So much for Honda and my hopes!  Morons!  Strike Honda of the list of 'might someday buy one (if VW goes bankrupt)'.

F1 Live:

Honda on Thursday ruled out rescuing the financially embattled Super Aguri team.

After the expected backing of the Dubai-funded Magma Group fell through, team insiders on Wednesday said hopes would now turn not only to other prospective buyers, but also a bail-out by Bernie Ecclestone or Honda.

Super Aguri was founded ahead of the 2006 season with the assistance of Honda, the Japanese carmaker and formula one competitor that has supplied the team with cars, engines and technical and financial support.

Honda is believed to have scaled back its support in recent months, and Super Aguri is reportedly now just days away from closing its doors. 


"We intend to continue the present structure of our support for Super Aguri," the Honda spokesman told the French news agency AFP.

He also denied reports that said Super Aguri had requested a financial rescue package in light of the failed Magma deal.

[cosworth151]

I just saw the same story on Agence France-Presse. They added that a Honda spokesperson denied that Super Aguri was forced to sit out testing in Barcelona this week for lack of funding. "From the beginning, they did not plan to take part in Barcelona tests."

The BBC quoted Formula One commentator David Croft as saying that Magma's major investor, Dubai International Capital, could be "stalling to lower the price-tag for a buyout, which is worth around 50 million pounds (98.5 million dollars)."

"The majority of that money goes to Honda F1 who have been building and supplying the cars for Super Aguri," he 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."

Anyway, it looks like there is a Friday deadline for the team to make it to Spain.

[cosworth151]

Autosport reports that SAF1's transporter has left Leafield on its way to Spain.

http://www.autosport.com/news/report.php/id/66704

Things still don't look too bright for them, but they haven't quit yet.