Tokyo: The head of Japanese Formula One team Super Aguri today said his team will withdraw from the 2008 F-1 World Championship due to financial difficulties.

"I have participated in the championship for two years and four months," team president Aguri Suzuki said at a news conference today. "I regretfully must inform you that the team will be ceasing its racing activities as of today."

The team was denied access to the Turkish Grand Prix circuit ahead of the next F1 round at Istanbul Park on Sunday.

Super Aguri's trucks and motorhome were prevented from entering the Istanbul Park circuit ahead of this weekend's race.

Super Aguri, which has been struggling since its debut in 2006, held talks with its backer Honda on Friday in Tokyo to discuss the team's future.

The Japanese team has been troubled since a potential buy-out with British auto company Magma Group fell through last month.

The team has reportedly also been in talks on a buy-out with German automotive firm Weigl Group.

"I knew after we weren't able to reach a deal with Magma that it would be difficult to go on," said Suzuki.

Suzuki said "a breach of contract" by a promised partner resulted in the loss of financial backing and put the team into financial difficulties. 
Source : PTI