Former chief executive of Formula One Bernie Ecclestone has denied reports that he has planned to set up a new series to rival the FIA-governed championship.
The 86-year-old, who was forced out of his role by Liberty Media's Chase Carey, had been named Chairman Emeritus of Formula One Group when the American company completed their takeover earlier this month.
Following an interview with German magazine Auto Motor und Sport last week, rumours began to spread of a breakaway series being launched by Ecclestone to challenge the long-established sport that he had helped to set up and develop.
However, in a statement sent to Reuters, Ecclestone confirmed that these rumours were just that and he wouldn't be looking to damage Formula One's reputation.
Ecclestone wrote: "I wish to clear up the rumours that I am starting a series to compete against the FIA Formula 1 World Championship. I have built the Championship over the last near-50 years, which is something I am proud of, and the last thing I want is to see it damaged.
"The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive. This, I have done for the different shareholders over the last years and also when I owned 100 percent of the company.
Written by Jack Healy