Super Aguri have withdrawn from the Formula One World Championship following problems over funding.

The team, which owes engine and support supplier Honda around £100 million, had fought tooth and nail for its survival for many months.

A takeover by Magma Group, funded by Dubai money, collapsed last month and Honda were lukewarm about an 11th hour rescue bid from Germany's Weigl Group.

The team was effectively created to give an F1 seat to Japanese driver Takuma Sato, who was dropped by Honda in 2005, while Briton Anthony Davidson was chosen for the second car in 2008.

"Regretfully I must inform you that the team will be ceasing its racing activities as of today," team principal Aguri Suzuki stated on Tuesday morning.

"The team has competed against the many car manufacturer-backed teams and succeeded in obtaining its first points after only the 22nd race, finishing in ninth place overall in the 2007 constructors' championship.

"However, the breach of contract by the promised partner SS United Oil & Gas Company resulted in the loss of financial backing and immediately put the team into financial difficulties.

"Also, the change in direction of the environment surrounding the team, in terms of the use of customer chassis, has affected our ability to find partners.

"Meanwhile, with the help of Honda, we have somehow managed to keep the team going, but we find it difficult to establish a way to continue the activities in the future within the environment surrounding F1 and as a result, I have decided to withdraw from the championship."

Suzuki took a parting shot at Honda F1 chief executive Nick Fry, who had expressed scepticism about a deal with Weigl and reportedly told Formula One Management that Super Aguri would not race in Turkey next weekend.

The team's trucks had already been denied access to the Istanbul circuit for the fifth round of the championship while their cars remained at the Honda F1 factory in central England.

"I don't understand how suddenly Nick Fry needs to be commenting on everything," said Suzuki.

"Honda were our backers and he's not the CEO of Honda. I have no interest in Nick Fry whatsoever and have no idea what he was talking about."

Suzuki had praise for many other people involved with and within the team.

"I would like to express my deepest thanks to Honda, Bridgestone, the sponsors and all the team staff," he said.

"[And] the drivers have been fantastic. When we started the cars wouldn't even go in a straight line, but Takuma never once complained."

Formula One now has only 10 teams for the first time since 2005.

Jonathan Symcox / Eurosport