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Spanish Le Mans team Epsilon Euskadi is still hoping to race in Formula 1 in the future, according to its boss Joan Villadelprat.

The team tried to acquire the 13th and final entry for 2011, but the FIA ruled that none of the applicants had the financial resources to compete in F1.

However, Villadelprat said: "We have not thrown in the towel. The most important thing in Formula 1 is the funding that allows you develop for the long term. We already have the infrastructure and human capacity.

“We are still working with a range of investors and we hope soon to have a final decision. If the decision is positive, we have a range of options. We can go for the 13th entry in 2012, or for 2011 buy an existing team."

But Villadelprat ruled out buying the struggling HRT team.

"We are not in contact with them," he added. "But we are confident that there are licenses available, because there are several teams in a very delicate economic situation.

“If we secure the budget for the next four years to take over the project of one of these teams, we will – otherwise, no."