Grapevine: Midland deny crisis rumours

Sporting director Adrian Burgess quit the team last week, with sources telling this week's Autosport magazine that managing director Colin Kolles could also be leaving.

Furthermore, recent rumours have suggested team owner Alex Shnaider was looking to sell his team due to the increased costs of running the operations.

The Daily Telegraph newspaper further suggested that Midland were in the grip of a cash crisis and Romanian-born Kolles had held emergency talks with Formula One supremo Bernie Ecclestone last week.

But in a statement issued this evening, the team said MF1 have "adequate budget" and are "not for sale".

"Over the past week, there have been a number of speculative rumours published in the media, none of which has any basis in fact," the statement said.

"MF1 have adequate budget to take an active and competitive part in the championship this season, and we are working hard to close the gap between ourselves and our competitors.

"Midland Group, our parent organisation, has confirmed that the team is not for sale and there are no proposals that this should change.

"As expected, various approaches have been made, especially in view of the large number of entries for the 2008 championship. Without exception, these have been rejected."

The team said they were in fact about to expand their operation - with the wind tunnel about to be upgraded to 50% scale - and claimed personnel changes, such as Burgess' departure, are in fact a reflection of Midland's belief in the team's staff.

"The personnel changes of the past week reflect the faith and appreciation we have in the skill and dedication of our remaining people.

"We wish it to be known that these changes occurred precisely because of the team's faith in the capabilities and loyalty of our people, throughout the team and at our facilities.

"Since the acquisition of Jordan, some 15 months ago, the new owners have been impressed by the racing tradition embodied by the staff."

Kolles himself added: "Personally, I would like to thank our staff, sponsors, partners and suppliers for their patience and understanding in recent weeks.

"In light of these positive developments, I am more determined than ever to drive us forward, toward the sharp end of the grid.

"To my detractors and those speculating about my 'imminent departure', I regret to say that I have been, and remain, too busy focusing on the interests of the team to consider any alternatives to my current position."