Super Aguri's founder admitted he was "exhausted" after a failed global hunt for extra funds ended with his Formula 1 dream in ruins.

Aguri Suzuki's all-Japanese team announced its long-expected collapse after emergency talks with dozens of potential sponsors in a string of countries.

"I feel a bit exhausted because I've been looking for money all the time," said Suzuki (47), who became the first Asian on an F1 podium in 1990.

"I have travelled to China, Russia, Spain, Germany and so on and talked with dozens of potential partners... I need a little rest now."

Super Aguri lasted just two-and-a-half years, underlining the difficulty of breaking into the glitzy, high-powered sport.

Japanese newspapers lamented the demise of the "giant-killing" team, which took just four points last season.

"Super Aguri had the feel of a homemade team and their giant-killing touch was refreshing. But we can no longer see them," said the Asahi Shimbun daily.

Business daily Nikkei pointed out that the team had scraped along with a budget about 20 percent of the $500-million that many F1 teams enjoy.

The mass-circulation Yomiuri Shimbun said: "The team's lack of funding has been apparent since the beginning as the team failed to attract many domestic enterprises when they were formed in 2006."

Failure unavoidable - Honda

Honda, which supplied engines and technical support but refused to provide extra emergency cash to keep the team afloat, said its failure was unavoidable.

Super Aguri owes the Japanese carmaker an estimated $100-million, reports said, mainly in unpaid fees for engines and other technical assistance.

"We take Super Aguri's decision as inevitable as the team cannot establish a basis to sustain itself on a lasting basis," Honda managing officer Hiroshi Oshima told reporters.

Super Aguri debuted in 2006 but struggled for investment with Britain's Dubai-backed Magma Group abruptly pulling out of a bailout deal three weeks ago.

Honda reportedly bankrolled the team at last month's Barcelona race but disapproved of plans to seek relief from Germany's Weigl Group ahead of Sunday's Turkish Grand Prix, doubting the firm's financial resources.

Aguri's fall also leaves question marks over the futures of Japanese driver Takuma Sato and his British team-mate Anthony Davidson.

Sato, whose career highlight was third place at the 2004 US Grand Prix, finished eighth at the Spainish GP last year to earn Super Aguri their first F1 points.

He went on to finish sixth at the Canadian GP, the team's best ever result, while his 13th position in Barcelona was its highest placing this season.

"It was unfortunate but I thank you," Sato said, according to Suzuki, referring to the team's collapse.

Aguri's failure adds to a difficult period for Formula 1 after a damaging sex scandal involving International Automobile Federation president Max Mosley.

AFP