Suzuki announced on Thursday that it will not renew the contract of Italian rider Max Biaggi for the 2008 Superbike season.
Biaggi, a former Grand Prix champion, joined Team Alstare-Suzuki this season and placed third in the riders' standings.
Insiders said that Biaggi's contract was not renewed because the team could not find a sponsor willing to meet his financial demands.
The announcement that he would not return to Suzuki came on the same day that the head of the Honda Gresini team, Fausto Gresini, told the press that he and Biaggi had been discussing a possible return to MotoGP for the Italian rider next season.
In a statement released by Team Alstare-Suzuki, manager Francesco Batta said "due to the situation Team Alstare is facing in regards to sponsorship, it is with great regret and sadness that we have to announce that the contract of Max Biaggi will not be renewed for the 2008 season.
"Suzuki and Team Alstare would like to thank Max Biaggi for his outstanding performances during the 2007 season and for the technical support he has contributed.
"Suzuki and Team Alstare would also like to wish Max Biaggi the very best for his future".
Biaggi joined the Superbike championship after spending a year out of racing, after he was dumped by Honda at the end of the 2005 season.
The main difference between the Superbike and MotoGP categories is that Superbike races use basic street model bikes, while more innovative and experimental ones are developed for MotoGP.
