Franz Tost, the team principal of AlphaTauri Formula One team, has dismissed rumours that the team is up for sale.

Tost has come out to state that Red Bull, the team’s parent company, will continue to support AlphaTauri going forward.

Reports in the German media had recently suggested that Red Bull was considering selling the AlphaTauri team, however, Tost has now confirmed that the rumours are untrue.

Tost revealed that he had spoken with Oliver Mintzlaff, the new boss of Red Bull’s motorsport projects, who confirmed that the team is not for sale.

In a statement, Tost, said: “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.”

“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,” he said.

Alpha Tauri, previously known as Toro Rosso, has been operating since 2006 and seen as a finishing school for drivers in Red Bull’s young driver programme.