Oliver WhiteSuper Aguri have been appointed an administrator to seek a buyer for the team, it has been reported on the official Formula One website. Yesterday morning, former team owner Aguri Suzuki announced his team would no longer be taking part in the Formula One world championship following a rejected investment bid from the Weigl Group. This came after a previous deal with the Magma Group feel through at the last minute, and Honda scaled back their support for the squad
The administrators are hoping to sell the business as an ongoing concern, and are looking for somebody who can come along and use the existing facilities, staff and equipment to launch their own motor sport related company.
This Administration provides a unique opportunity to get into high-level motorsport without having to build an operation from scratch. In terms of capability a new team could easily be up and running for the 2009 Formula One season.
Virtually everything is in place including the people, the technical expertise, the laboratories and testing facilities. A new team could walk in and take over a fully operational unit from day one. There are a number of other motor sport projects being undertaken which should interest the motor racing world. Philip Long, Joint Administrator.
Now I admit I know nothing about administration, but isn’t this exactly what Aguri Suzuki has been trying to do all year? The only difference is perhaps the debt to Honda has been cleared, but I do not know that for certain. It is interesting that Philip Long is really trying to sell the business on as it is, but clearly doesn’t fully understand how hard it would be to continue the team in Formula One. The Leafield factory isn’t really that well equipped any more to design and build a chassis, which is what a new team would have to do from 2010 onwards. I think “easily up and running for the 2009 season” is a tad optimistic, especially considering that Aguri eventually failed, which is why this opportunity has arisen.
It could get up and running for 2009 – just not for 2010. Though with the ambiguous “high-level motorsport”, it may well be that the administrators aren’t even thinking in terms of F1 in the first place. Though if the debts to Honda remain, F1 is the only slight chance of getting that bill paid back.
Forget it. I live near Leafield and there is no-one in their right mind who would buy the assets. The actual factory is leased anyway. The usual suspects haven’t come forward: Paul Stoddart, Eddie Jordan, Arab kings/princes, and in this time of global financial turmoil, there is almost 0% chance a buyer will be found, who has the $300m+ needed to get it properly running.
Honda have lost their money, and the sale of the cars (to another F1 team maybe, for research purposes) might raise $4m…hardly a dent in the $100m+ Aguri owes them, is it?
Leafield is OK for a top level A1GP or F3000 team but for F1 it’s antiquated. Also near me is Williams which is just another planet compared to Leafield. Even Williams’ old factory (now a business centre, and also up for sale co-incidentially) is better than Leafield.
I fear this is the end of F1 in sleepy West Oxfordshire….