Organisers of the Indian Grand Prix have insisted that next year's running of the event it not under threat, despite rumours in the media on Wednesday that Jaypee Sports International might be in financial trouble and have to withdraw from running the event in 2014.

"Some international news organisations are trying to spread rumours that JPSI may not host 2014 Indian GP," admitted a spokesman for the company, Askari Zaidi. "This is totally baseless and malicious."

The company has the contract to host the Indian Grand Prix at the Buddh International Circuit until 2015, having staged the country's first F1 event in 2011, and the spokesman said that JPSI was "fully committed" to seeing out the full contract.

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"There is no reason for us to give up hosting F1 races," he said. "We are fully committed to promote motorsport in India in collaboration with local government and global and local motorsport organisations."

The stories about possible financial problems for JPSI did not hint of any doubts for this year's Indian Grand Prix, scheduled to be held on October 27.

The company went on to add that far from looking to pull out of organising the event, it was seeking to broaden its portfolio of motorsports at BIC in the future.

"In fact, JPSI is keen to get some more international car and bike races to BIC, besides F1 and the World Superbike Championship which will be held this year on November 17," the spokesman added.