InsideJapan News Network

The first all-Japanese Formula One team Super Aguri has called it a day citing financial problems.

Racing driver and founder Aguri Suzuki announced the team would cease its racing activities as of today, referring to the formula one sport as a "piranha club".

Last month, the UK-based Magma Group pulled out of plans to acquire Super Aguri, a decision which was condemned by Mr Suzuki.

"We had been negotiating with only Magma for two months, ending talks with any other potential partners. But we couldn't do anything in the only one week before the Turkish Grand Prix," he said.

"I'd like to thank God for giving me so many chances to do what I wanted to do, but if someone wants to take part in formula one, I'm going to advise him that he better not."

The team, which many pundits considered to be the unofficial Honda B-team, was based in Tokyo but operated from the former Arrows factory in the UK.