TOKYO, March 10, 2008 (AFP) - Japan´s struggling Formula One outfit Super Aguri said Monday they had secured much-needed financial backing from Britain´s Magma Group, ending doubts they would miss the new season opening in days.

Originally the first all-Japanese team on the Western-dominated circuit, Super Aguri had struggled for financial support since being founded in late 2005 by Aguri Suzuki, the first Asian to stand on an F1 podium.

"After having talks with various sponsors, investors and interests, we have reached a basic agreement with Britain´s Magma Group concerning a contract," team boss Suzuki announced.

"We have discussed many deals and come to understand that this would be the most appropriate one for our team."

His comment confirmed earlier reports that Magma Group, led by former Ford and Maserati executive Martin Leach, would save the Honda-powered Super Aguri ahead of Sunday´s season-opening Australian Grand Prix at Melbourne.

Suzuki declined to elaborate on the arrangement, but said that Magma "will not be a sponsor."

"We are in the middle of talks on different subjects including an equity share," he added.

"We are about to put finishing touches on the deal and I am not in a position to go into details at the moment."

Because of the financial crisis, Super Aguri skipped most winter testing. The team´s two drivers, Takuma Sato of Japan and Britain´s Anthony Davidson, drove a hybrid version of their 2007 car with several technical improvements last month.

Suzuki said Japanese carmaker Honda, which has supplied engines and other aid to his team, had agreed to the deal with Magma.

There had been pre-season talk that an Indian consortium led by the Spice Group telecom company was interested in buying into the team, but only if it could have Indian driver Narain Karthikeyan in the cockpit.

More recently, reports said a consortium headed by a British company and a Middle Eastern sponsor, with possibly some German involvement, was also keen.

"Our team have overcome difficulties and moved forward in each of the past two seasons," said Sato, who has been with the team since inception and came sixth in the Canadian Grand Prix last year.

Super Aguri won just four points last season, putting them second to last.

"We will have a great challenge ahead with new support and we will go all out from the first race as a new-born team."

But Davidson, who joined the team last year, admitted difficulties still lay ahead.

"We´ve gone only three days in total in testing this season. So we are very much on the back foot," he said.

He said the team might not do well in the first few races but "we had a very long winter to prepare mentally for this so we are very much ready."