Honda’s Fry says Weigl deal ‘unlikely’
Leafield based Super Aguri on Friday said it hoped serious talks with the German company Weigl Group would win the backing of the Honda board, which is understood to be due to meet about the issue next week.
We previously reported that Honda – the struggling team's creditor, sponsor and technical supplier – was reluctant to accept the Weigl deal because it is neither a complete takeover nor financed in the longer term.
Late on Friday, Fry was quoted as saying by the British news agency Reuters that he is not optimistic about the proposed partial Weigl buyout.
"Since we have been looking for a partner for over a year … it would seem unlikely that someone appropriate is going to appear in the next 48 hours," he said.
Fry added: "It would appear unlikely that a company the size of Weigl is able to support a competitive formula one team, unless of course there are other partners of which we have not been made aware."
Weigl CEO Franz Josef Weigl on Friday commented that his company's bid is backed by "sponsors and partners", but did not provide further details.
As well as the race for money, Super Aguri also faces a race against the clock to get its cars to Istanbul's Otodrom venue ahead of scrutineering for the Turkish grand prix.
While most other teams headed for the track directly from Barcelona via the Italian port city of Trieste, Super Aguri's cars ominously returned to Honda's Brackley factory, where they remain.
05/02/08 (GMM) Super Aguri on Friday confirmed talks with the German automotive engineering company Weigl Group.
In a move that is being interpreted as pressure on the Honda board to accept the buyout, Leafield based Super Aguri said talks had entered "final discussions" for the sale of "a substantial shareholding" of the team.
It was previously reported that Honda – the struggling team's creditor, sponsor and technical supplier – was reluctant to accept the Weigl deal because it is neither a complete takeover nor financed in the longer term.
But Super Aguri said in its statement that Weigl's is a "just and reasonable offer" that would "secure its racing future".
Team boss and co-owner Aguri Suzuki, meanwhile, revealed that the deal will shortly be presented to the Honda board in Tokyo.
"Such a partnership as the one proposed by Weigl Group will allow us to race for the foreseeable future and I am hopeful that all parties will find the Group's offer a realistic package," he said.
Weigl CEO Franz Josef Weigl added that it is his company's "earnest intention" to "provide ongoing investment to secure the team's future".
05/02/08 SUPER AGURI F1 TEAM and WEIGL Group AG are in final discussions concerning an agreement for a substantial shareholding of the Formula One team. SUPER AGURI F1 TEAM believes this to be a just and reasonable offer that would secure its racing future.
Aguri Suzuki, Team Principal, SUPER AGURI F1 TEAM
“We are happy that we have been able to resurrect talks between SUPER AGURI F1 TEAM and Franz Weigl at such short notice and to have the opportunity of presenting the WEIGL Group to the Honda Board once again. Such a partnership as the one proposed by WEIGL Group will allow us to race for the foreseeable future and I am hopeful that all parties will find the Group’s offer a realistic package."
Franz-Josef Weigl, CEO, WEIGL Group AG
“WEIGL Group has decided to speak out openly at this decisive time for SUPER AGURI F1 TEAM. We would like to express sincere support for the team’s participation in the Formula One World Championship and the Group’s, together with its sponsors and Partners, earnest intention to provide ongoing investment to secure the team’s future."