Wednesday 7 May at 18:47 : The failed formula one team Super Aguri has been placed into administration.

The British accountants and business advisors PKF, who also handled the administration of Arrows in 2002, confirmed in a statement that it is seeking to sell the Leafield based outfit as a going concern.

"This administration provides a unique opportunity to get into high-level motor sport without having to build an operation from scratch. In terms of capability a new team could easily be up and running for the 2009 formula one season," directors Philip Long, Ian Gould and Brian Hamblin said in a joint statement.

They revealed that "several expressions of interest" have already been received.

PKF also handled the liquidation of Prost Grand Prix's UK interests seven years ago.