German company buys Super Aguri

The Japanese team withdrew from the world championship

The assets of the failed Super Aguri Formula One team have been bought by a German company.

The Japanese team withdrew from the world championship due to a lack of funding in May after a planned takeover by Dubai-based Magma Group collapsed.

New owner Formtech GmbH said it would use the former F1 facilities at the Leafield Technical Centre, Oxfordshire, to open its first UK operation.

Much of Super Aguri's funding came from Honda but that help was being cut back.

'Manufacturing expansion'

Founded by Japanese former Grand Prix racer Aguri Suzuki at the end of 2005, Super Aguri did try to stay afloat following the collapse of talks with Magma.

The sale comes after auctioneers SHM Smith Hodgkinson were instructed by administrators to sell the assets, including a race car and transporters, between 29-31 July.

Franz Hilmer, managing director of Formtech GmbH, said: "With our plans of company growth and manufacturing expansion, the location at the Leafield Technical Centre enables us to establish a presence in an important geographical area for motor sport engineering.

"We shall be employing a number of ex-Super Aguri staff who are experienced in the field of composite design and manufacturing and make full use of the site's spacious facilities and up-to-date machinery.

"A further goal of Formtech is to attract suitable individuals and companies with aspirations of running their own motor sport team to purchase the F1 race equipment from Formtech. "