Mar.11 (GMM) Volkswagen has delivered a fresh blow to speculation the German giant is eyeing a foray in formula one.

The dominant Red Bull Racing had positioned as an ideal carmaker partner for the Wolfsburg-based group, but Ulrich Hackenberg ruled out F1 as well as NASCAR.

"Nothing for us," the brand's head of technical development is quoted by Reuters, referring to both premier motor racing classes.

"I should know what I am talking about, since it would come out of my budget."

It is, however, rumoured that VW could announce a foray in the world rally championship at the Dakar rally celebrations later this month.

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