The Super Aguri team have announced they have reached a deal with the Magma Group regarding the acquisition of the Formula One squad.
Super Aguri also said Magma had also reached an agreement with Honda for technical cooperation and an engine supply to the team.
The team's future had been in doubt for some time after they skipped some of this winter's tests as they seeked to secure their future.
The Japanese squad said they expect the acquisition process to be completed over the next few weeks and that they would not be making any further comments after weeks of speculation.
"I am pleased to announce our new partner and drivers finally at this late stage," said team principal Aguri Suzuki. "I am looking forward to a successful and long lasting collaboration with Magma Group."
The team did not specify the degree of involvement of the Magma Group.
Super Aguri also confirmed on Monday that Takuma Sato and Anthony Davidson would be racing for them this season.
"As I have wanted them to continue their work in our team, I was not worried at all about our drivers for 2008," Suzuki added.
"It will be a big advantage for us that we can continue working with them this year. For Anthony, as this season will be his second as a racing driver, I am expecting him to achieve some points.
"For Takuma, I would like him to repeat the excellent work he did last season. It will be an interesting season and we will try our best to help them achieve these goals."
Sato, in his third season with the team, said: "I am excited about 2008 and happy to be able to carry the momentum gathered during the past two years into a third season with Super Aguri F1 Team.
"Our winter preparation has not been as comprehensive as we had wished; however we always get over these difficulties and keep pushing forward with our fighting spirit. I hope that we can maintain this through the coming season and make up for some lost time.
"I am looking forward to the coming season - the new rules with no traction control will make race interesting and should be very exciting. I have been training hard all winter and have completed the best preparation I can. As a team we hope that we can have a good race in Melbourne and the rest of the year."
Davidson added: "I'm really looking forward to my second season with the Super Aguri F1 Team and to building on what we achieved last year. The testing we have been able to do has gone well and we are continuing to make improvements to the car in conjunction with the new MES system.
"I've concentrated on my training and preparation over the winter and I'm fully motivated for the challenges that this year will bring. Everyone in the team has been working hard and I'd like to thank them, and Honda, for the continued support."