The Super Aguri team announced just before the Australian Grand Prix that it has been sold to the Magma Group, the automotive consultancy run by former Ford Europe boss Martin Leach.
Super Aguri has struggled to raise sponsorship in Japan, despite the high profile of both its founder Aguri Suzuki and driver Takuma Sato. Due to the lack of budget the team did hardly any winter testing.
Honda had insisted the team pay its way and was involved in discussions with several suitors. Although details had to be confirmed at the time of writing, finance for the deal is coming from Dubai International Capital, a government-owned investment company.