Honda Stopped Super Aguri Being Sold On
the PKF Insolvency company have revealed that the Honda Motor Company stopped them selling the Super Aguri Formula One Team as a going concern as they looked to re-coup their losses immediately.
Super Aguri was formed in 2006 by Aguri Suzuki, and had a lot of backing from Honda. Despite good results in the 2007 season, during 2008 the Leafield based team went into administration and PKF were called in.
They formed a model which showed the sale, and indeed had someone ready to purchase. Smaller level investors of the team were happy to see the sale go through, but Honda, who were thought to have many millions invested said no.
PKF are now looking to recoup losses of $400,000 in fees, which Honda refuse to pay.
“Any insolvency practitioner will say that (administration) was the only route for Super Aguri as there were buyers for it,” said PKF partner Philip Long.
“Honda didn’t want Super Aguri exposed to the marketplace,” he added. “Smaller unsecured creditors voted for our proposals and fees”