We have not thrown in the towel - Villadelprat

Despite not being accepted to join the Formula One grid for the second consecutive season, Epsilon Euskadi boss Joan Villadelprat declares that they have not given up on their goal to reach the pinnacle of motorsport.

"We have not thrown in the towel. The most important thing in formula one is the funding that allows you develop for the long-term. We already have the infrastructure and human capacity," Villadelprat commented to the 'Noticias de Gipuzkoa', a Basque news outlet.

"We are still working with a range of investors and we hope soon to have a final decision. If the decision is positive, we have a range of options. We can go for the 13th entry in 2012, or for 2011 buy an existing team."

Although quickly dismantling rumours of a possible buyout of the HRT team. "We are not in contact with them," he said.

"But we are confident that there are licenses available, because there are several teams in a very delicate economic situation."

And as has been the deal breaker before, the financing remains out of reach for the Basque outfit.

"If we secure the budget for the next four years to take over the project of one of these teams, we will - otherwise, no."