F1 - Weigl Group close in on Super Aguri rescue deal

Could Super Aguri have a Formula 1 future after all?

Super Aguri is urging Honda’s board to give its blessing to a buyout deal with German automotive company the Weigl Group that it says would secure the team’s continued participation in Formula 1 for the "foreseeable future".

The Leafield-based squad has been fighting for survival since a proposed takeover by the Magma Group and Dubai International Capital fell through last month.

Super Aguri released a statement on Friday saying it was close to reaching an agreement with the Weigl Group that would see the German firm acquire a “substantial shareholding” in the team.

The statement read: “Super Aguri F1 Team and Weigl Group AG are in final discussions concerning an agreement for a substantial shareholding of the Formula 1 team.

“Super Aguri believes this to be a just and reasonable offer that would secure its racing future.”

Any deal will need to be rubber-stamped by Super Aguri’s paymaster Honda, which was instrumental in setting up the team at the end of 2005 and has provided crucial financial and technical support throughout its existence.

Aguri’s participation in last weekend’s Spanish Grand Prix was only secured after an 11th-hour intervention by Honda – but the Japanese car giant has made it clear it is no longer willing to bankroll a second team.

Team boss Aguri Suzuki is optimistic he can convince Honda’s board of the merits of the proposed deal with the Weigl Group at a crunch meeting early next week.


Aguri Suzuki is hopeful of Honda's approval of the deal

“We are happy that we have been able to resurrect talks between Super Aguri and Franz Weigl at such short notice and to have the opportunity of presenting the Weigl Group to the Honda Board once again,” he said.

“Such a partnership as the one proposed by Weigl Group will allow us to race for the foreseeable future and I am hopeful that all parties will find the Group’s offer a realistic package.”

Franz-Josef Weigl, CEO of the Weigl Group, gave an undertaking that his company was determined to keep the Super Aguri team in F1.

“Weigl Group has decided to speak out openly at this decisive time for the Super Aguri F1 Team,” he said.

“We would like to express sincere support for the team’s participation in the Formula 1 world championship and the Group’s, together with its sponsors’ and partners’, earnest intention to provide ongoing investment to secure the team’s future."

Fry sceptical about deal

Nick Fry - the chief executive of Honda's main Formula 1 team - is sceptical about the arrangement, and has doubts about Weigl's ability to sustain Super Aguri.

"I am aware that Aguri Suzuki is continuing to look for an investor and we wish him well," Fry told the Reuters news agency.

"Since we have been looking for a partner for over a year, unfortunately, it would seem unlikely that someone appropriate is going to appear in the next 48 hours.


Fry isn't optimistic about the deal, and believes the Weigl Group is too small to support the team

"It would appear unlikely that a company the size of Weigl is able to support a competitive Formula 1 team, unless of course there are other partners of which we have not been made aware."

Honda's support is essential to any Super Aguri buyout deal, as Suzuki's team only exists thanks to the Japanese car company's financial and technical support.

The squad was created by Honda in late 2005 to provide a seat for protege Takuma Sato after he lost his factory drive to Rubens Barrichello.

Since then Honda has provided not only engines and chassis to Super Aguri, but significant funding - stepping up to keep the team afloat through last weekend's Spanish Grand Prix after the proposed buyout by the Magma Group collapsed following the Sakhir race.

Super Aguri's future has been in doubt ever since a major sponsor defaulted on payment during 2007.

In addition to making up this funding shortfall, the team must also significantly increase its technical resources - and therefore its budget - as future rules will preclude 'customer car' partnerships such as the one it enjoys with Honda.

A spokeswoman for Super Aguri, however, confirmed that the team is preparing as normal for the Turkish Grand Prix and will dispatch its first equipment this Sunday.

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