Formula One news

D-Day looms for Super Aguri's saviour in waiting

Tuesday is D-Day for Super Aguri's saviour in waiting, 50-year-old German industrialists Franz Josef Weigl. The Munich resident's investment plans for the team will be presented to Honda board members for approval on Tuesday.

"The Weigl group's offer is backed by strong business finance partners who along with the Weigl group would like to invest long term and not just short term," Weigl told Japan's Kyodo News agency in an interview. "With our partners, the offer is not only about rescuing the team, but about constructing a future for the Super Aguri F1 team and Takuma Sato. We hope that Honda board members would be willing to have faith in our long term business plan."

Weigl is a Munich-based German business man who turned 50 las month. He is the CEO of an automobile and motorcycle parts company he founded in the 1970s which now has sales in excess of $200m a year.

Weigl went on to explain why he has an interest in investing in F1, "Our clients are the main car manufacturers. Our technical solutions are trusted by most of the top teams. Our prime mission and goal - with the help of Honda - is to bring Super Aguri to a superior technological level. Our company masters the technical knowhow to bring this about. I also strongly believe that to remain sound the F1 sport needs private teams and not only manufacturer's works teams." 

"I met Super Aguri two years ago," he went on. "I have always been impressed by the Super Aguri team. The team is a strong fighter and very competitive for the level of investment. For my company and my investors, with the help of Honda, Super Aguri must survive, live and become successful."

According to sources the main sticking point in the proposal to the Honda board is that Weigl hopes to pay back the team's debt to Honda over three years, while Magma, the previous investors that pulled out at the last moment offered to pay back the debt in one, immediate installment.

more news

• 07 Nov.
  • Alonso enjoys Ferrari factory visit
  • Brawn looking forward to Senna debut
• 06 Nov.
  • Follow GPUpdate.net on Twitter!
  • Wind tunnel operator sues Force India
  • Toyota-assisted Kobayashi eyeing Lotus seat
  • Sutil: Abu Dhabi 'a shame' for Force India
  • Lee McKenzie's End of Season Review 2009
  • Lotus wanting experienced drivers
  • Anthony Hamilton: Räikkönen the best option for McLaren
• 05 Nov.
  • Renault decision to come in December
  • GPUpdate TV: Vettel receives sports car prize
  • Ecclestone: 2 days for Silverstone to sign
  • Etihad and Aldar to pay damages to Force India
  • 'F1 organisers to blame for lost teams' - Ferrari
  • Hülkenberg to test Williams next month
• 04 Nov.
  • FIA warns again: Credit crunch will win
  • Renault holds emergency meeting about F1 future
  • FOTA thanks Toyota's Howett
  • Ekström beats Schumacher for Race of Champions
  • Hülkenberg targeting Barrichello pace
  • Photos: Race of Champions 2009
  • Pirelli not interested in F1
  • Vettel and Schumacher win ROC Nations Cup
  • Toyota highlights reasons for F1 exit
  • Official: Toyota leaves Formula One
  • An interview with Kamui Koabayshi
• 03 Nov.
  • 'Toyota set to end Formula 1 project'
  • Red Bull to announce engine partner 'very shortly'
  • Schumacher: Comeback was for Felipe
  • Trulli on lookout for clear racing rules
  • Räikkönen too expensive, says Brawn
  • Horner aware of 2010 challengers
  • Michael: Hülkenberg following Hamilton-like path
• 02 Nov.
  • Brawn thanks Barrichello for contribution
  • Kubica to drive in French rally
  • 2010: The grid so far
  • Alonso won't drive Ferrari until February
  • Williams confirms Barrichello and Hülkenberg for 2010
  • Optimism at Renault for next year
  • Whitmarsh: 2010 McLaren quicker than 2009 car

Homepage