Former world champion Jacques Villeneuve has confirmed that he has linked up with Italian outfit Durango to enter a team for the 2011 Formula One world championship.

The 39-year-old Canadian announced the partnership on his website.

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

"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."

Villeneuve, who won the F1 championship in 1997, has applied for his team Villeneuve Racing to take the 13th slot on the grid. His team is one of three trying to win the place that has been left vacant since American team USF1 went bankrupt.

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