Super Aguri buyout falls through 16 Apr 2008
Super Aguri released a statement on Wednesday confirming that their prospective new owners, the Magma Group, have pulled out of the planned acquisition. The Japanese squad also revealed that team principal Aguri Suzuki is continuing negotiations with other potential purchasers.
Following a winter of speculation concerning the team's future, Super Aguri announced in the days leading up to March’s Australian Grand Prix that they had reached an agreement with Magma.
The deal was expected to be completed within a few weeks, but despite competing at the opening three races of the season, driver Takuma Sato revealed earlier this month that the squad would not be able to attend this week’s multi-team Barcelona test due to ongoing negotiations.
Super Aguri’s statement in full:
"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."
