Mallya denies selling Force India

Vijay Mallya on Friday denied reports he is close to selling his formula one team Force India.

Citing "sources", the Asian Age said the buyer is Indian business conglomerate Sahara India, with the deal "on the verge of being finalised".

The Deccan Chronicle said initially that as billionaire Mallya was travelling he could not be reached for comment.

But Reuters later quoted him as saying in a statement: "No question of my getting out of Force India."

With his native India hosting its inaugural grand prix later this month, Mallya added: "I have even more reason to improve team performance when India comes on the formula one map."

Statement from Dr. Vijay Mallya

"I was shocked to read a media report that I am selling the Force India Formula One team. This is completely untrue and 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 greatly improve the performance of the team. Now that India is finally on the Formula One World Championship calendar, my commitment to Force India becomes even stronger. As Team Principal, I will continue to run the team and I have no plans whatsoever to exit.”