Hispania Racing has played down reports in the Spanish press that the team has been placed up for sale by owner Jose Ramon Carabante.

AS had reported that the team was on the market as it struggles to put its programme in place for 2011 following the demise of its planned relationship with Toyota, which would have seen the team use the still-born 2010 car as the base for its 2011 car [See separate story HERE].

However, a spokeswoman for the team has now denied the reports and insists that work is going ahead as planned for 2011.

How far along those plans are remain to be seen with the team yet to announce any drivers for the new campaign.

"The team is not on sale, we are working for 2011," the spokeswoman told Reuters. "Carabante is working on getting sponsors and investors.

"One Spanish group is interested in joining the team but things are not so easy nowadays in the world."