In July 2007, naming sponsor Nova's legal problems became the subject of intense media coverage in Japan, and by the end of September 2007 the company was reported to be unable to pay staff salaries or rent, being declared bankrupt in November 2007 amidst a widening scandal about business improprieties, but SuperNova continued to list Nova as a sponsor.

Between 1997 and 1998 Super Nova Racing had two of the most outstanding drivers in motorsports, Ricardo Zonta and Juan Pablo Montoya, while in the 2001 season they would have the Australian Mark Webber with whom they would achieve the runner-up position.

With the arrival of GP2 it had the drivers Giorgio Pantano and Adam Carroll who would achieve two victories that would leave the team in third place in the constructors' table in the 2005 season.

For the 2006 season they hired the Argentine José María López and the Malaysian Fairuz Fauzy, leaving Super Nova Racing in ninth place at the end of the championship.

For the 2007 season its drivers were the British Mike Conway and the Italian Luca Filippi, achieving fourth position in the constructors' championship.