Force India co-owner Vijay Mallya, has denied reports that he is set to sell his Formula 1 team, amid speculation originating in the Indian media.
According to the Asian Age, Mallya is in discussions with the Indian multi-business conglomerate, Shara Indian Pariwar, who are keen on acquiring the outfit.
Mallya, along with Dutch businessman Michael Mol, bought the team back in 2007 when is was called Spyker F1 for £76 million (€88m, $118m).
The 55-year-old however, said in a statement that the rumours are completely untrue.
“I was shocked to read a media report that I am selling the Force India Formula One team. This is completely untrue and without any basis whatsoever.
“I take great pride in having been able to put an Indian team on the Formula One World Championship grid and have worked very hard to greatly improve the performance of the team. Now that India is finally on the Formula One World Championship calendar, my commitment to Force India becomes even stronger.
“As Team Principal, I will continue to run the team and I have no plans whatsoever to exit.”
The outfit securing seventh in the championshio in 2010 and are looking likely to secure sixth or possibly fifth this season.
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