Saturday May 3, 12:16 AM

Aguri present new partner but Honda F1 sceptical

By Alan Baldwin

LONDON (Reuters) - Struggling Super Aguri said on Friday they were close to an 11th hour deal with Germany's Weigl Group that could keep them in Formula One.

Backers Honda, though, poured cold water on their hopes.

Super Aguri said in a statement that the talks concerned an "agreement for a substantial shareholding of the Formula One team.

"Super Aguri F1 team believes this to be a just and reasonable offer that would secure its racing future," the statement added.

However, Honda F1 chief executive Nick Fry doubted the outcome would be successful after the collapse of a planned takeover by Magma Group, who were backed by Dubai International Capital (DIC).

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

"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.

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

Honda, whose main Formula One effort is concentrated on Fry's team, have said they do not want to pay for two operations.

Well-placed sources have said they are owed around $100 million by Super Aguri for engines and technical support.

FURTHER TALKS

Super Aguri, founded by former Formula One racer Suzuki, came into the sport in 2006 as a vehicle to keep popular Japanese racer Takuma Sato on the grid with cars that were effectively the previous season's Hondas.

Suzuki met the Honda board in Tokyo on Wednesday in a last-ditch attempt to keep the cash-strapped team afloat after they competed in last weekend's Spanish Grand Prix with Honda's assistance.

A team spokeswoman said after that meeting that Suzuki would be having further talks next week since not all of the board had been present due to a national holiday.

Suzuki said on Friday he was happy "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.

"Such a partnership as the one proposed...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."

The likelihood of any deal being completed in time for Super Aguri to compete in next week's Turkish Grand Prix looks increasingly remote however.

Formula One sources and a witness at the Honda F1 factory in Brackley, central England, have told Reuters that the Super Aguri cars are being held there and have not been shipped to Istanbul.

Other teams sent their cars direct from the Circuit de Catalunya after the Spanish Grand Prix to catch a ferry from Trieste in northern Italy. That journey takes three days with official scrutineering on Thursday for the May 11 race.

The team's drivers, Sato and Britain's Anthony Davidson, have said they are preparing for the race as usual.