The encyclopedia · Finance & Accounting · Financial decision · 2005–2008
Super Aguri put Takuma Sato back in F1 — then its sponsor never paid
Super Aguri, the Honda-backed F1 team founded by Aguri Suzuki to keep Takuma Sato racing, withdrew from the championship on 6 May 2008, mid-season.
Super Aguri F1 · Honda · 2008-05
What happened
When Honda dropped Takuma Sato from its works team, public pressure in Japan helped spawn a whole new entry: former driver Aguri Suzuki registered Super Aguri with the FIA on 1 November 2005. The entry almost failed — the team could not produce the $48 million bond on time — but the existing teams voted unanimously to admit it on 26 January 2006, and it raced as an unofficial Honda B-team with customer engines and technical support.
The money was strained from the first season, and in 2007 the wound opened: the SS United Group was announced as title sponsor just before the Australian Grand Prix, then defaulted on its payments, forcing the team to cut up to 30 staff. On track it was the team's best year — Sato scored its first point with 8th at the Spanish Grand Prix, added 6th at Canada, and Super Aguri finished 9th in the constructors' championship.
The rescue came and went. Magma Group took a stake ahead of 2008 but pulled out before the season began — reports said Honda Racing chief executive Nick Fry had rejected a three-year debt payment plan and demanded full payment at once. After four races, Suzuki announced withdrawal with immediate effect on 6 May 2008, citing SS United's breach of contract, rule changes around customer chassis that blocked new partners, and no viable path forward. The team entered administration on 7 May 2008, two years and four months after it had applied for its grid slot.
Why it happened
- The team lived on a manufacturer's goodwill and one sponsor's promise — SS United never paid its title deal.
- Honda rejected the Magma Group rescue's three-year debt plan and demanded payment in full.
- Customer-chassis rule changes cut off the route a small team used to stay cheap.
The lesson
Super Aguri was built on a sponsor's promise and a manufacturer's goodwill; when SS United defaulted and Honda refused the rescue deal's repayment plan, the team folded four races into 2008.
Aftermath
The team entered administration the day after its withdrawal; its four championship points, all Takuma Sato's in 2007, were all it ever scored.
Sources
- Wikipedia — Super Aguri F1 (founded by Aguri Suzuki; registered with FIA 1 November 2005; unofficial Honda B-team with customer Honda engines; initial 2006 entry rejected for failing to produce the $48 million entry bond on time, confirmed 26 January 2006 after unanimous agreement from existing teams; Takuma Sato raced throughout 2006–2008; four championship points, all Sato in 2007 — 6th at Canada, 8th at Spain; 9th in 2007 constructors'; SS United Group announced as title sponsor before the 2007 Australian Grand Prix then defaulted, forcing cuts of up to 30 staff; Magma Group pulled out of a 2008 takeover after Honda Racing CEO Nick Fry rejected a 3-year debt payment plan and demanded full immediate payment; withdrew with immediate effect 6 May 2008; entered administration 7 May 2008; final race the 2008 Spanish Grand Prix)
- F1 Network, 6 May 2008 — Super Aguri withdraw from F1, thanks Honda (withdrawal announced 6 May 2008, team ceased all activities; reasons: breach of contract by SS United Group Company Limited causing loss of financial backing, regulatory changes on customer chassis affecting the search for new partners, and no viable path to continue; new financing deal not finalised in time; Honda's assistance allowed temporary operation; Suzuki: applied for grid position November 2005, participated 2 years 4 months, first championship points after 22 races, 9th in 2007 constructors)
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