• 2011 season

Villeneuve clarifies plans for new team

ESPNF1 Staff
July 21, 2010 « 2011 deal won't change approach - Alguersuari | »
Jacques Villeneuve with Durango team principal Ivone Pinton © Sutton Images

Jacques Villeneuve has made his first official statement about his plans to return to F1 with a new team under his own name.

Italian outfit Durango recently confirmed it is collaborating with Villeneuve Racing for the 13th F1 entry in 2011. But it was then rumoured that one of Villeneuve's backers is Al-Saadi al-Gaddafi, the 37-year-old son of Libyan leader Colonel Gaddafi.

Gaddafi Jr, reportedly with close ties to the state-owned oil company Tamoil, is best known as a businessman and professional football player. However, Villeneuve said there were no private investors in the project.

"There are a number of rumours circulating at the moment and I wanted to clarify a few things before this gets out of hand," Villeneuve said in a statement on his website. "The team will be a joint venture with Durango, and based out of Italy. To be clear, right now all the money comes from corporate sponsorship, and not from personal investors."

Villeneuve, 39, set to qualify for NASCAR's Brickyard 400 at Indianapolis this weekend, said he had "no further comment".