Super Aguri has pulled out of Formula 1 with immediate effect, leaving Takuma Sato and Anthony Davidson without drives.
The team's future had been in doubt since a proposed buyout deal with the Magma Group and Dubai International Capital fell through following the Bahrain Grand Prix.
Aguri Suzuki's squad raced in Spain with assistance from Honda and hoped that a rescue package from German automotive firm Weigl AG would allow it to stay afloat – but in a statement released this morning, Suzuki confirmed that his team had reached the end of the road.
"In order to realise my dream to become an owner of a Formula 1 team, I applied for a grid position in the FIA Formula 1 world championship in November 2005," Suzuki said.
"Since then, I have participated in the championship for two years and four months as the Super Aguri F1 team, but regretfully I must inform you that the team will be ceasing its racing activities as of today."
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Super Aguri's problems started when a major sponsor defaulted last season.
In addition to making up for that shortfall, the team also had to find significantly larger resources for the future, as so-called 'customer car' deals such as its relationship with Honda are set to be outlawed.
"The breach of contract by the promised partner SS United Oil & Gas Company resulted in the loss of financial backing and immediately put the team into financial difficulties," Suzuki said.
"Also, the change in direction of the environment surrounding the team, in terms of the use of customer chassis, has affected our ability to find partners.
"Meanwhile, with the help of Honda, we have somehow managed to keep the team going, but we find it difficult to establish a way to continue the activities in the future within the environment surrounding F1 and, as a result, I have concluded to withdraw from the championship.
"I would like to express my deepest thanks to Honda; Bridgestone; the sponsors; all the people who have given us advice during various situations over the past couple of years; all the team staff who have kept their motivation high and always done their best; Anthony Davidson, who has always pushed to the limit despite the very difficult conditions; Takuma Sato, who has been with us from the very start and has always fought hard and led the team; and lastly our fans from all over the world, who have loyally supported the Super Aguri F1 team.”
Super Aguri was originally formed with Honda assistance in late 2005 when the Japanese company needed to find a new drive for its hugely popular protege Sato.
After a frantic race against time, the team took to the grid with a modified 2002 Arrows chassis and Honda V8 power in 2006, and made steady progress through the year.
Last season it used a version of the 2006 Honda to score its first points finishes, but its financial situation began to affect its form by the end of the season.
As Super Aguri sat out much of winter testing, there were doubts over whether it would race at all in 2008.
The promise of the Magma deal got the team onto the grid for the first few rounds, but once this fell through, its days were numbered, with Honda sceptical about the strength of the latest Weigl bid.
The writing was on the wall was Super Aguri's trucks and motorhome were refused access to the Istanbul paddock this weekend after Honda reportedly informed Formula One Management that the team would not be racing in Turkey.
