The deal with the Magma Group that would have saved Super Aguri collapsed last week, and since then team owner Aguri Suzuki has been working hard on re-negotiating another, all in attempts to save his little outfit and enable them to continue racing. The squad have turned up in Barcelona ahead of this weekend’s Spanish Grand Prix, but already the deadline for sorting something out has passed, twice. And now Honda Racing CEO Nick Fry has given a strong indication that Honda are no longer willing to help them out.
Magma, who are headed by former president of Ford Europe Martin Leach, had negotiated around 80% of the funds necessary to buy Aguri from Dubai International Capital, but they have since pulled out citing a lack of a clear commercial agreement for the future of Formula One and the insistence that customer cars will longer be allowed in the near future as reason for the decision.
Nick Fry’s words do sound like a man who is willing to bend.
Honda in my opinion have done the maximum possible to support the Super Aguri team.
It was never Honda’s intention to fully fund two Formula One teams but Honda have been incredibly supportive over the last two years of Super Aguri. But they do need to find funding of their own.
We have been engaged almost full time in the last few weeks trying to find a solution and I hope that it’s going to be a happy ending to the story, but at this stage that certainly can’t be guaranteed. Nick Fry.
However, the latest news in the Spanish paddock is that Aguri have been able to re-negotiate a deal with Magma, but currently nobody is confirming anything. It was reported earlier in the week that Super Aguri were looking for around the $100m mark for the team, almost all of which would go straight back to Honda has repayment for the debt owed.
Hopefully enough can be done for Aguri to race this weekend and the rest of the year. The team have until Friday to work something out, presumably the start of Friday Free Practice is indeed that time.