Super Aguri F1 Team folds due to lack of funds

After hovering on the brink of collapse for a few weeks, the team, owned by former F1 driver Aguri Suzuki, has been forced out of business because of financial difficulties.

"Regretfully, I must inform you that the team will be ceasing its racing activities," Suzuki said in a statement.

Honda has been Super Aguri's main source of funding, but is apparently tired of diverting money from its own F1 team.

Additionally, non-payment of a major sponsorship deal at the end of last season with oil and gas company SS United plunged Super Aguri into turmoil.