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DATE News (chronologically)
07/21/10
f1
Colonel Gaddafi's son linked with Villeneuve/Durango  UPDATE #2 (GMM)  Jacques Villeneuve has moved to cool increasing speculation about his plans for a formula one team.  The Italian racing team Durango recently confirmed it is collaborating with Villeneuve Racing for the 13th F1 entry in 2011.

It was then reported on Tuesday that one of the 1997 world champion's backers is Al-Saadi al-Gaddafi, the 37-year-old son of Libyan leader Colonel Gaddafi.

37-year-old Gaddafi Jr, reportedly with close ties to the state-owned oil company Tamoil, is known as a businessman and professional football player.

"There are a number of rumors circulating at the moment and I wanted to clarify a few things before this gets out of hand," Villeneuve said.

He confirmed the Italian based joint venture with Durango, but insisted that "all the money comes from corporate sponsorship, not from personal investors".

French Canadian Villeneuve, 39, set to qualify for NASCAR's Brickyard 400 at Indianapolis this weekend, said he has "no further comment"

07/20/10 After reports regarding 1997 Formula One world champion Jacques Villeneuve’s intentions to enter his own Formula One team on the 2011 grid in partnership with defunct GP2 team, Durango, continue to do the rounds and some media outlets have opted to extend on them somewhat, the French Canadian has opted to set the record straight.

Speaking on his official website, Villeneuve confirmed his intentions and cleared the air about possible investors...

“There are a number of rumors circulating at the moment and I wanted to clarify a few things before this gets out of hand. The team will be a joint venture with Durango, and based out of Italy. To be clear, right now all the money comes from corporate sponsorship, and not from personal investors.” zzzz

At this stage there will be no further comments on the situation from the former F1 driver as he focuses on qualifications for the Brickyard 400 at Indianapolis Motor Speedway, this coming weekend.

"I'd like to thank my fans for the continued support they give to me - as always, it is greatly appreciated," he added.

07/20/10 (GMM)  One of Jacques Villeneuve's potential team investors is reportedly the son of the Libyan leader Colonel Gaddafi.

37-year-old Al-Saadi al-Gaddafi, known as a businessman and professional football player, is backing Villeneuve and Italian racing team Durango's bid for the 13th place on the 2011 grid, according to Italiaracing.

It is also claimed that Russian and Italian businessmen are investing in the F1 foray, while Luca Filippi and Davide Valsecci are in the running to be the 1997 world champion's teammate.

Gaddafi Jr is closely linked with the state-owned Libyan oil refining company Tamoil, former shirt sponsor of the Italian football club Juventus.

Italiaracing.net also said that if hopeful outfit Stefan GP wins the 13th team entry, the Serbian car would be powered by a Cosworth engine.

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