The Barwa Addax GP2 team has denied it has any plans to compete in Formula 1 next season.
The Spanish squad, the current GP2 champions formerly known as Barwa Campos Team, was believed to be one of the team interested in joining F1 under the budget cap rules in 2010.
However, the Valencia-based outfit issued a statement on Wednesday afternoon denying it has any plans to compete in grand prix racing next year.
The team was owned by former grand prix driver Adrian Campos, now running his Campos Racing team in the Spanish F3 championship.
"The Barwa Addax team, currently competing in the GP2 series, has, at this moment, no intention to launch a project to compete in F1 in the 2010 season," the team said.
"Barwa Addax wants to avoid any confusion that might lead into thinking that it's involved in any such project."