GP2 Series pace-setters Barwa Addax have issued a statement to deny rumours linking the team to a potential Formula 1 graduation in the top flight's new 'low-cost', budget-capped era in 2010.

A number of motorsport publications and websites had claimed that the leading Spanish outfit - formerly known as Campos Grand Prix and previously run by ex-F1 driver Adrian Campos - was looking at submitting an entry for a move into the uppermost echelon, but such speculation has now been refuted.

'The Barwa Addax team, which is currently taking part in the GP2 series, does not have, at this moment in time, the intention of presenting any project to compete in the 2010 Formula 1 World Championship,' the statement underlines. 'With this, Barwa Addax hopes to avoid any misinterpretation concerning this point and would also like to make it clear that they are not involved in any project of this kind.'

"Barwa Addax are the reigning team champions from last season and are currently leading this year's championship in both the team and driver rankings," added team owner Alejandro Agag. "Our main objective is to work hard and make a conscious effort to emulate these successes in the GP2 series."

Following the opening meeting of the 2009 summer campaign in Barcelona just under a fortnight ago, Barwa Addax duo Romain Grosjean and Vitaly Petrov sit respectively first and fourth in the drivers' title chase, with the second round due to take place on the support bill for the prestigious Monaco Grand Prix this weekend.

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