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Super Aguri put into administration

Thursday 8th May 2008

Super Aguri have gone into administration just days after the team announced it's withdrawal from the 2008 F1 Championship.

On Tuesday, just hours after a failing to secure a deal with Germany's Wiegl Group to save the team, the cash-strapped outfit announced that their time in F1 had come to an end.

The team has now been put up for sale with a joint administration team of corporate recovery partners looking to find a buyer for the outfit.

"This Administration provides a unique opportunity to get into high-level motor sport without having to build an operation from scratch," said joint administrator Philip Long.

"In terms of capability a new team could easily be up and running for the 2009 Formula 1 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.

"I am pleased that there has already been significant interest."

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