End of the road for Asiatech?

The Formula One paddock may have seen the last of Asiatech following Sunday's Japanese Grand Prix.

Asiatech, who supplied free engines to Minardi this year, came into F1 at the end of 2000, buying the Peugeot F1 engine concern after the French manufacturer withdrew from the sport to concentrate on World Rally.

The Peugeot F1 engines were never very well regarded however in 2001, re-badged and slightly re-worked they were supplied to Arrows as Asiatech engines, and this year were used by Minardi.

The aim of the project was to gather experience and then launch an 'Asiatech F1' team in the near future. However a statement released by Asiatech at the end of Sunday's grand prix notes that plans to build a chassis as well as an engine, and thus create 'Team Asiatech', have been put on hold.

Asiatech blames problems with its "previously firmly guaranteed funding, which have prevented it from moving on to this second phase of the programme."

The full release reads:

"This Japanese Grand Prix has been significant for Asiatech because it marks the third anniversary of the project's start and the successful completion of its second season in Formula One racing.

"Here in Suzuka in 1999, Asiatech's principal backer, Mr Hideo Morita, met Mr Corrado Provera, head of Peugeot Sport, and the course was set for Asiatech's engine programme.

"After bids to acquire a controlling interest in Jordan and Benetton were rejected, Asiatech concentrated on developing its racing engine while supporting two teams through the free supply of a factory engine.

"At the same time, Asiatech was preparing its F1 racing chassis in Didcot, Oxfordshire, the wind tunnel model of which was displayed at Monza this season.

"The Asiatech programme was technically ahead of schedule and ready to race its proprietary, co-designed engine/chassis/power train package in 2003 (only its third season in Formula One); however, problems with its previously firmly guaranteed funding have prevented it from moving on to this second phase of the programme.

"It has been a tremendous source of satisfaction, as well as challenge, to compete in Formula One. Our relationship with the Minardi team has been excellent, and we wish them all the best for next season."

Next season, if the Minardi team is still around, it is believed - according to the F1 rumour mill - that they will use Ford engines.