Villeneuve in F1 bid

Former world champion Jacques Villeneuve has confirmed he has joined forces with Italy-based Durango to form a team which will bid to enter Formula One next year.

The 39-year-old Canadian issued a short statement outlining the link-up, dismissing reports there had been personal investors in Villeneuve Racing.

He told his personal website, www.jv-world.com: "There are a number of rumours circulating at the moment and I wanted to clarify a few things before this gets out of hand. 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."

Durango withdrew from the GP2 Series last September due to financial difficulties and have not competed since.

The 1997 world champion is known to be keen to return to the sport after a four-year absence and would almost certainly drive one of the two cars himself.

Villeneuve is currently focusing on qualification for the Brickyard 400 at Indianapolis Motor Speedway this weekend.