Honda insists it did everything it could to help save Super Aguri but that the demise of its B-team was ultimately “inevitable” because it was unable to secure financial backing of its own.
The cash-strapped Aguri outfit finally gave up the unequal struggle to stay in business on Tuesday morning, when it announced its withdrawal from Formula 1 with immediate effect.
Over the weekend the Leafield-based squad and driver Takuma Sato had made last-ditch pleas to Honda to consider a rescue deal involving German automotive firm the Weigl Group.
But the Japanese car giant evidently did not regard this as a credible means by which Super Aguri could sustain itself without the need for Honda assistance – which the manufacturer had made clear would no longer be forthcoming.
Honda issued a statement on Tuesday saying: “Honda has been supporting the Super Aguri F1 Team by supplying engines and financial support amongst others since its establishment in 2005.
“Honda has continued to support the team as much as possible but Aguri Suzuki, team principal, has come to Honda and expressed his decision to withdraw from Formula 1 as he is not capable of establishing a foundation for independent operation of the team.
“The Super Aguri F1 Team’s withdrawal is indeed very disappointing for us but we understand that it was inevitable unless the team could find a way to stand alone by itself in the future.
“We would like to express our thankfulness to the Super Aguri F1 Team and all the fans who have supported them for sharing the dreams and fighting together with Honda.”
Super Aguri had been beset by financial worries ever since its foundation in late 2005.
But those problems became life-threatening for the team after a major sponsor, SS United, defaulted on a payment midway through last year.
The budget shortfall forced it to sit out most of last winter’s testing, although – displaying its characteristic fighting spirit – it made it onto the 2008 grid.
But, in hindsight, the collapse of a potential takeover by the Magma Group and Dubai International Capital shortly after the Bahrain Grand Prix sealed the team’s fate.
“Especially since 2007, we have been deeply involved in discussions together with the team to find sponsors and partners,” said Honda.
“At the beginning of the 2008 season, when the team started negotiations with the strong candidate Magma Group, Honda has actively cooperated by proposing many forms of support.
“Just when we thought the three groups had reached an agreement, we were told that Magma and their financial backers had decided not to pursue the deal.”