Villeneuve released the following short statement on his personal website ahead of the Brickyard 400 at Indianapolis Motor Speedway this weekend.
Ã¢â‚¬Å“There are a number of rumours circulating at the moment and I wanted to clarify a few things before this gets out of hand.
Ã¢â‚¬Å“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.Ã¢â‚¬Â
Disgraced former Renault boss Flavio Briatore, and Al-Saadi al-GaddafiÃ¢â‚¬â€son of Libyan leader Colonel GaddafiÃ¢â‚¬â€had been touted as potential investors.
Villeneuve is attempting to become the 13th F1 team after USF1 failed to take the grid for 2010. At the time the former world champion was hoping to make a driving return with Stefan GP, but they did not have enough time to put together a team and a car.
No further information has been released on how the partnership will work in terms of designing and developing an F1 car, but Durango do have their own facilities in Italy from their time as a GP2 team.
Villeneuve would have used the Toyota TF110 chassis and gearbox had Stefan GP been on the grid this year, and could have been an option for his team in 2011.
But the Japanese outfit are believed to be on the verge of a deal with Hispania Racing for use of the designs, while providing technical support for the Spanish team including the use of their extensive state-of-the-art facilities in Cologne.
The FIA is expected to make a decision on which team will join motorsportÃ¢â‚¬â„¢s elite by the end of July or middle of August.
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