Japanese giant reports no request for bail-out, but insists that no plans to change support structure.
Honda has said that it is not considering upping its support for the ailing Super Aguri F1 team, despite concerns that the minnow could go out of business after an expected investor had a change of heart.
Super Aguri issued a statement yesterday [17 April] confirming that the backer, believed to be the Dubai International Capital company interested in buying a stake in Liverpool Football Club, had performed a U-turn when it came to providing life-saving finance for the Leafield squad.
"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," the statement read, "It is with deep regret that Aguri Suzuki is now forced to consider the future of the team, however negotiations with other parties continue."
While other potential backers are targeted, it had been suggested that chassis/engine partner Honda may step up to the plate and bail the team out in the short term. However, comments attributed to the Japanese giant overnight appear to confirm that there will be no additional help.
"We intend to continue the present structure of our support for Super Aguri," a spokesman told AFP, adding that there had been no formal request for financial assistance, "We understand, at the moment, that the talks with Magma are over as the statement from the Aguri team says."
Although the financial problems prevented Super Aguri from testing much before the start of the season, the spokesman attempted to quell rumours of an imminent demise by insisting that the team never intended to be present at this week's Barcelona session.
"This could mean that we don't go to the race," a team source was quoted by Reuters when the news first broke, "Maybe we need a bit more backing from Honda to get us to Barcelona... Our future could be in Honda's hands now - and Bernie's, I suppose."
The status of the Magma Group's involvement with the team remains uncertain, with former Ford executive Martin Leach appearing keen to play a part in the future of the team prior to the reported DIC withdrawal, even apparently lining up GP2 team boss David Price to play a key role. While it is expected that Magma will try to resurrect a deal, SAF1 may now return to discussions with other former suitors, such as India's Spice Group, which had been interested in a relationship provided its chosen driver, Narain Karthikeyan, could be accommodated in the line-up, probably at the expense of Britain's Anthony Davidson.
Any rescue would need to happen quickly, however, for missing one race is likely to precipitate a domino effect with the team unlikely to get back on the grid at future events, mirroring the demise of the Arrows team which, ironically, 'provided' the chassis that formed the basis of Super Aguri's arrival in F1 two years ago.
"It's possible [that we could miss the Spanish GP]," Super Aguri co-owner Fumio Akita told Reuters today [Friday], "We were banking on Magma's buyout but they turned it down. It feels like being jilted by a lover.
"Even if we have the money to go to Spain, we might not be able to carry on after that. It's impossible to predict what will happen, but it could now depend on Honda. I don't think there will be a decision until after the weekend. It is likely to be Monday or Tuesday until we hear. It will be very, very tight."
If Honda's response remains as reported, however, it could be worse than that.
