The future of financially-stricken Super Aguri is again up in the air, with the team struggling to be on the grid for next week’s Spanish Grand Prix in Barcelona.
Just over a month ago, Super Aguri confirmed they had reached an agreement with the Magma Group, an automotive technology and investment company, regarding their acquisition.
It had been hoped the deal would have been completed by the end of last month, however, the Magma Group have confirmed in writing to Super Aguri that any buy-out is on hold.
It is understood Magma’s financial backers, Dubai International Capital, the company long embroiled in a potential takeover of Liverpool Football Club, are having second thoughts on the deal.
DIC are believed to be reconsidering their level of investment, if they now opt to invest at all.
If DIC opt to pull the plug, it would leave Magma staring at a vast shortfall in funds, believed to be as much as €62m.
Magma, run by Martin Leach, a former president and chief operating officer of Ford’s European division, are apparently fighting to resolve the matter.
But there appears to be no grey area as it has become a case in which Magma find the funds and Super Aguri race in Barcelona, or the deal collapses and the Japanese team do not compete.
Although Super Aguri are backed by Honda engines and have long been supported by the manufacturing giants, it is unlikely they will bail out the ailing Leafield-based team.
Honda are already owed a considerable amount of money by Super Aguri, and are determined to plough all funds into their own race programme following a disastrous 2007 season.
The only other option could perhaps see Formula One supremo Bernie Ecclestone temporarily prop up Super Aguri.
The team’s problems have been compounded by the fact they have not attended this week’s test at the Circuit de Catalunya.