Just twenty-four hours after announcing it's withdrawal from the 2008 Formula One World Championship, the Super Aguri team is in administration.

In a statement issued yesterday, Joint administrators PKF - who, ironically, were the liquidators of the former incumbents at Leafield, Arrows, in 2002, and also involved in the liquidation of British interests in Alain Prost's team in 2003 - said that they were "seeking to sell the business as an on-going concern to a company or individual looking to launch a Formula One or other motor sport operation".

The British company also revealed that; "several expressions of interest have already been received".

Joint administrator Philip Long said: "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 1 season.

"Virtually everything is in place including the people, the technical expertise, the laboratories and 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."

It is claimed that Honda is owed around $100m by Super Aguri for engines and "technical support".

It now remains to be seen who the interested parties might be and whether they are serious.

While "virtually everything" is in place, it should be remembered that Super Aguri did not build its own cars, instead relying on Honda (and for a while, some old Arrows).