BCN Competicion have confirmed they are in the midst of talks concerning a new commercial operation, one that could well see the team bought out by former Formula 1 driver Tiago Monteiro.

BCN released a short statement on their website revealing that talks were taking place to bring a new commercial partner on board in a bid to improve their status as probably the least funded team on the GP2 Series grid.

Pointing to a story posted by Italian website Italiaracing.net, BCN admitted they were hoping to have their plans cemented by the end of November.

“With reference to some news announced in an internet site about our Company, BCN Competicion would like to inform that at this moment we are in negotiation discussing a commercial operation that will be decided before end of November 2008.”

The original article suggested that several parties, including double Renault World Series Champions Tech 1 Racing, as well as fellow Spanish teams Tec Auto and Llusia, had been interested in taking over BCN in order to secure a GP2 entry for the next two seasons.

However, it has since been revealed that Monteiro, who currently competes with SEAT in the World Touring Car Championship after two seasons of Formula 1 racing with Jordan and Midland Racing, is due to take over the team from Enrique Scalabroni.

One strand of speculation about Monteiro, who is regarded as a motorsport hero in his native Portugal after scoring a podium at the 2005 US Grand Prix, is that a deal could be linked to the brand new Parkalgar Algarve Motor Park, which this week announced it would be hosting next year's GP2 finale.

The circuit has already thrown its backing behind a World Supersport motorcycle team in 2008 in order to promote the hosting of their inaugural WSBK event this weekend.

BCN are the only GP2 team yet to score a victory since the series was founded in 2005 and they finished second from bottom in this year's championship.