Prodrive boss David Richards has dismissed speculation that his purchase of legendary car manufacturer Aston Martin will lead to the marque's return to Formula One after an absence of almost forty years.

Aston Martin contested ten Grands Prix between 1959 and 1960, its best result being a brace of sixths at Aintree (British GP) and Monsanto Park (Portugal).

Earlier today (Monday) Ford confirmed that it had sold Aston Martin to a consortium led by Richards for £470m. Others involved in the consortium include American banker John Sinders, Investment Dar, a Gulf based investment company, and Adeem Investment a Kuwaiti company with interests including banking, real estate and hotels.

With Richards' Prodrive due to enter F1 in 2008, having secured the so-called 12th entry, there has been growing speculation that the team will be re-badged as Aston Martin.

However, speaking to reporters following the announcement that his bid had been successful, Richards poured cold water on talk of an Aston Martin return to F1, emphasising that the buy-out is a private deal and nothing to do with Prodrive.

"People have put two and two together and got six," said the Englishman. "This is something personal to me and has nothing to do with Prodrive. Our plan was always to go into Formula One in partnership with an existing team, and the plan is still to do that."

Referring to the completion of the deal, he added; "This is an incredible opportunity, Aston Martin is one of the world's most iconic brands. We are confident we now have all the right ingredients to take Aston Martin to even greater heights."