Aguri Suzuki admitted his team simply ran out of time to secure a rescue deal after announcing its Formula 1 adventure was over on Tuesday.
The financially troubled squad has pulled out of the sport with immediate effect despite Suzuki's best efforts to secure its future.
After the Magma Group backed out of a planned takeover earlier this month, there seemed some hope that an offer from the German automotive firm Weigl AG could secure the team’s continued participation in F1.
But after confirming his team’s exit, Suzuki told a Tokyo news conference that time had finally ran out for the minnow.
“We simply ran out of time to put together a deal with Weigl," he was quoted as saying by Reuters.
"Magma pulled out suddenly, and without any explanation, and since then I have been flying all over the world talking to other companies but was unable to secure a deal.
"Financially it was just impossible to continue in F1 with the enormous budgets needed today.
“We did reach a basic agreement with Weigl but were always battling against time."
The Weigl Group’s rescue package had been greeted with scepticism by Honda Racing CEO Nick Fry over the weekend, who doubted it was a big enough company to finance an F1 team.
Suzuki took the opportunity in the press conference to take a parting shot at Fry.
"I don't understand how suddenly Nick Fry needs to be commenting on everything," he said.
"Honda were our backers and he's not the CEO of Honda.
“I have no interest in Nick Fry whatsoever and have no idea what he was talking about.”
Suzuki, with financial and technical support from Honda, launched the team against the odds in late 2005 and saw it punch above its weight over the next two seasons, scoring four points last year.
But despite the desperate end to the outfit’s stay in F1, the former driver said he had no regrets about taking on the challenge – although he admitted he wasn’t keen on an immediate return to the sport.
"It had always been my dream to be a Formula 1 owner,” he said.
“The past two and a half years have flown past but I have no regrets."
He added: "I definitely need a break.
“It's a piranha club and I kind of feel that I don't want to stick my fingers back in."