Red Bull cans A1-Ring revamp.

Red Bull boss Dietrich Mateschitz has decided to end his interest in refurbishing Austria's A1-Ring circuit in an attempt to bring Formula One back to his homeland, claiming that his plans for the venue have been thwarted by the authorities.

Mateschitz, who recently purchased the Jaguar Racing F1 team and rechristened it after his world famous drinks brand, had intended to inject around $900million into the circuit and its surrounding areas, but has now backed away from the project after local residents campaigned - and won - against his plans on environmental grounds. The revamp was originally due to bring the circuit back up to full F1 standard, as well as adding facilities for a race school, auto museum, hotel and a home for Mateschitz's aircraft collection.

The drinks magnate claims that he is perplexed by the ruling, having initially been asked to invest in the project by the local authorities, but insists that he has no intention to appeal.

"We were asked to do something, and that has now been rejected," he told Austrian newspaper Keine Zeitung, "For us, the project is now settled, over. There is no point continuing. We didn't force ourselves upon them, but we gave careful consideration to what we were asked to do. We offered everything within our capability to achieve that, but [our plans] have been rejected."

Mateschitz also insisted that there was no revised plan up his sleeve.

"Why would we need a race track where no cars would ever race?" he asked, "If there is no interest in a race track, then there is no second project for us to submit."