Force India team principal Vijay Mallya on Friday denied reports he is planning to sell the Formula One team on Friday calling the claims "completely untrue". Mallya, who also owns the Kingfisher airline, recently announced plans to shut down the carrier's budget arm.

Vijay Mallya

The Asian Age newspaper reported on Friday that the Sahara India Pariwar "is believed to be in talks to take over from Mallya". In response Mallya released a statement at Suzuka on Friday that read: "This is without any basis whatsoever.

I take great pride in having been able to put an Indian team on the Formula One World Championship grid and have worked very hard to improve the performance of the team. Now that India is finally on the F1 World Championship calendar, my commitment to Force India becomes even stronger."