Super Aguri battle to stay in F1

LONDON, England (CNN) -- Super Aguri could be forced out of Formula One after a potential investor pulled the plug on a multi-million pound deal.

The Japanese team, which had already missed testing in Barcelona this week, faces the prospect of missing next week's Spanish Grand Prix after owner Aguri Suzuki admitted he will have to "consider the future of the team."

A month ago, Super Aguri confirmed they had reached an agreement with the Magma Group, a London-based automotive technology and investment company, regarding a deal worth tens of millions.

But Magma this week told Super Aguri that any buy-out was now on hold.

Magma's financial backers, Dubai International Capital, who have long been embroiled in a potential takeover of Liverpool football club, no longer wish to invest.

Suzuki confirmed Magma had withdrawn their interest.

"It [Super Aguri] has been informed by Magma Group, the potential purchasers of the team, its investors no longer wish to fund the intended acquisition.

"It is with deep regret I am now forced to consider the future of the team, however, negotiations with other parties continue," Suzuki said.

Although Super Aguri use Honda engines and have long been supported by them, it is unlikely they will bail out the team.

Super Aguri drivers Anthony Davidson of Britain and Japan's Takuma Sato have yet to score a point this season.

The team has long battled to raise enough funding to keep racing, with a lack of funds severely limiting their summer testing program and leading to 20 redundancies.

Super Aguri have the smallest budget of any F1 team, estimated to be $90m. Toyota are believed to top the spending pile dominated by the manufacturers, lavishing up to $550m a year on their bid to overhaul Ferrari and McLaren.

The FIA is currently considering a plan being driven by its president, Max Mosley, to halve the budgets of the top spenders. It is proposing a cap on spending for all costs other than engines, drivers and expenditure for promotion and marketing. A decision is expected later this year. E-mail to a friend