Super Aguri-Magma deal in trouble

Wed, 16 April 2008, 03:50

The agreed sale of Super Aguri to the Magma Group has hit trouble, reports on Wednesday said.

The British news agency Reuters said the Leafield based team has received a letter from Magma, which is headed by Martin Leach, explaining that the expected backing had been held up.

We reported last month that the financial elements of the Magma deal were coming from a Dubai based international investment company that is owned by the emirates’ government.

Apparently promised by the Dubai group was $70 million in backing per year, for five initial years.

Super Aguri, until now heavily shored up by Honda backing, did not attend this week’s major Barcelona test.

“This could mean that we don’t go to the race,” a source said, referring to the forthcoming Spanish grand prix at the same venue.

“Maybe we need a bit more backing from Honda to get us to Barcelona,” he added.

The German magazine Auto Motor und Sport said earlier this week that Super Aguri was awaiting the signing of definitive contracts by the Magma Group, which was expected to occur in the coming days.

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