Formula One team Sauber have rejected reports that their financial backing from three Russian government agencies had not materialised.

Reports in Germany this week claimed Sauber’s plans to form links with the National Institute of Aviation Technologies (NIAT), the Investment Cooperation International Fund and the State Fund of Development of North-West Russian Federation had run into trouble.

The cash-strapped Switzerland-based team announced at last month’s Hungarian Grand Prix they would link up with the three bodies in a deal that would promote F1 in Russia as well as the country’s technology.

Team principal Monisha Kaltenborn said the deal would see 17-year-old Russian Sergey Sirotkin, whose father is in charge of NIAT, race for Sauber in 2014 when a Russian GP will be staged at Sochi.

But after reports in Germany claimed NIAT’s board had voted against the deal Sauber released a statement that the link-up was not in jeopardy, claiming that initial payments had been made.

The statement, posted on the team’s website, read: “Due to erroneous reports and rumours circulating in certain media, we feel compelled to make the following statement: The collaboration with Russian partners, as announced by us, is progressing well. The contract with driver Sergey Sirotkin is in place.

“Preparations for his involvement in the team, as likewise announced, will start next week following the end of the customary holiday period in the sector.

“Beyond this, initial payments to the team have already been made, as per contract.

“A financial involvement on the part of NIAT (National Institute of Aviation Technologies) was never mooted. The plan envisaged a purely technical partnership.

“We are astounded at the heedlessness with which some media are prepared to spread false reports and rumours.”