Former F1 World Champion Jacques Villeneuve has issued a statement to 'clarify' some of the speculation swirling around his 2011 entry bid - acknowledging the tie-up with ex-GP2 Series outfit Durango, but seeking to distance the team from all rumours linking it to the son of controversial Libyan leader Colonel Gaddafi.

There was a certain degree of incredulity expressed when talk began to circulate over the weekend that Villeneuve Racing is to be partly financed by Al-Saadi al-Gaddafi, a 37-year-old former professional footballer-turned entrepreneur with close ties to state-owned Libyan oil company Tamoil [see separate story - click here].

However, as he prepares himself to qualify for this weekend's NASCAR Sprint Cup outing in the Brickyard 400 at Indianapolis, the eleven-time grand prix-winner has spoken out to stress: "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."