Scuderia AlphaTauri boss Franz Tost has issued a statement denying the Faenza-based operation is set to be put up for sale.

Rumours surrounding the future of the team emanated last week when it was suggested it did not stack up financially for Red Bull.

It was claimed Scuderia AlphaTauri would either be forced to move from Italy to the United Kingdom to allow for better economies of scale with its sister team, or be put up for sale.

On Wednesday, a statement quoting Tost moved to distance itself from those suggestions.

“I had some very good meetings with Oliver Mintzlaff, who confirmed that the shareholders will not sell Scuderia AlphaTauri, and that Red Bull will continue supporting the team in the future,” Tost said.

“All these rumours have no foundation, and the team has to remain focused for the start of the season to perform better than last year.”

Mintzlaff has taken over as CEO of Red Bull’s motorsport operations following the death of Deitrich Mateschitz last year.

Scuderia AlphaTauri finished the 2022 Formula 1 season ninth in the constructors’ championship.

It heads into the coming campaign with Yuki Tsunoda as the squad’s most experienced driver after Pierre Gasly switched to Alpine.

Replacing the Frenchman is Nyck de Vries who has joined the fray after an impressive cameo appearance with Williams at last year’s Italian Grand Prix.