In the wake of continued speculation regarding his bid for an entry in the 2011 Formula One World Championship, Jacques Villeneuve has issued a statement on his personal website.

"There are a number of rumours circulating at the moment and I wanted to clarify a few things before this gets out of hand," he writes. "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," he adds.

With the Canadian now focussed on the Brickyard 400 at Indianapolis this weekend he makes it clear that there will be no further comment for the foreseeable future.

However, despite the clarification, the speculation is sure to continue not least because of Durango's known financial problems which led to the Italian team withdrawing from GP2.

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Villeneuve clarifies Durango bid

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