Corporate recovery partners appointed to seek buyer for Leafield squad.

Having announced its decision to withdraw from Formula 1 with immediate effect, the Super Aguri team has gone into administration as it seeks to find a buyer.

The team announced on Tuesday that it was to close, after negotiations with the Magma Group broke down and a last-minute rescue bid by the Weigl Group also failed.

Joint administrators PKF will now seek to sell Super Aguri as an on-going concern for a company or individual looking to launch a team to compete in F1 or 'other motorsport operation'.

According to a statement issued by the administrators, there have already been several expressions of interest in the Leafield based squad, which entered F1 at the start of the 2006 season and employed 90 people - including drivers Takuma Sato and Anthony Davidson.

"This administration provides a unique opportunity to get into high-level motor sport without having to build an operation from scratch," joint administrator Philip Long said. "In terms of capability, a new team could easily be up and running for the 2009 Formula 1 season.

"Virtually everything is in place including the people, the technical expertise, the laboratories and the testing facilities. A new team could walk in and take over a fully operational unit from day one. There are a number of other motor sport projects being undertaken which should interest the motor racing world.

"I am pleased that there has already been significant interest."