Super Aguri, the financially troubled Formula One team, have announced their immediate withdrawal from this season's World Championship.

Reports had suggested the Japanese team, who made their Formula One debut in 2006, were fighting for their survival with debts of about £50 million after the collapse of a takeover deal last month. Super Aguri's problems intensified yesterday when team officials were denied access to Istanbul Park ahead of this weekend's Turkish Grand Prix.

Aguri Suzuki, team principal, confirmed the team would cease activities from today. “In order to realise my dream to become an owner of a Formula One Team, I applied for a grid position in the FIA Formula One World Championship in November 2005," he said. "Since then, I have participated in the championship for two years and four months as the Super Aguri F1 team, but regretfully I must inform you that the team will be ceasing its racing activities as of today.

"The team has competed against the many car manufacturer backed teams and has succeeded in obtaining the first points after only the 22nd race, finishing in ninth place overall in the 2007 Constructors’ Championship.

"However, the breach of contract by the promised partner SS United Group Company Limited resulted in the loss of financial backing and immediately put the team into financial difficulties. Also, the change in direction of the environment surrounding the team, in terms of the use of customer chassis, has affected our ability to find partners.

"Meanwhile, with the help of Honda, we have somehow managed to keep the team going, but we find it difficult to establish a way to continue the activities in the future within the environment surrounding F1 and as a result, I have concluded to withdraw from the Championship.

"I would like to express my deepest thanks to Honda, Bridgestone, the sponsors, all the people who have given us advise during various situations over the past couple of years all the Team Staff who have kept their motivations high and always done their best, Anthony Davidson who has always pushed to the limit despite the very difficult conditions, Takuma Sato who has been with us from the very start and has always fought hard and led the team and lastly our fans from all over the world who have loyally supported the Super Aguri F1 team."

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