The key backer of the scheduled 2012 US grand prix insists he remains committed to the Circuit of the Americas project.

Construction in Austin, Texas, has continued amid raging local media speculation, as lawsuits are pending and questions are constantly asked about the viability of the project commenced by the now offside promoter Tavo Hellmund.

With 84-year-old billionaire Red McCombs now reportedly in the driving seat, he insisted it is “without question” he will continue to push the project forwards.

“Never has been any question,” McCombs is quoted by mysanantonio.com, after the authoritative Austin American Statesman newspaper had suggested he was on the verge of pulling out.

“I’m there for the full ticket,” McCombs insisted, although he admitted the row with Hellmund is proving a speed-bump.

“I will say we do expect to have some resolution to those issues in a timely fashion, but in dealing with the courts, I don’t know what a timely fashion is.”

He told reporters the circuit is now 60 per cent complete ahead of the inaugural November 18 race date.

Sergio Perez has ruled out switching to Ferrari this season to replace Felipe Massa.

It is suggested the famous Italian team is growing increasingly impatient with struggling Brazilian Massa’s poor form.

“I think all this hype about a possible switch is massively blown up by the media,” Perez told F1′s official website.

“Should that situation really come about I would reject it as I would not want to make a switch in the middle of a season.”

Nonetheless, 22-year-old Perez is the obvious favourite, as the cream of Ferrari’s driver development programme and already powered by the Maranello team’s engines at Sauber.

“I think that people should not mix up engines and drivers,” he insisted.

The denials, however, are unlikely to dampen the rumours, with Massa under increasing pressure to perform — and some saying Monaco could be his last chance.

“I hope this weekend is where one can consider that my 2012 championship will begin,” the Brazilian said on Wednesday.

“I have had a few difficult times in my career and maybe the start to this season has been the most difficult so far.

“I have had to deal with the technical side of the problem, but also it causes a mental side, as it is not easy to deal with this situation. But if you fix one, then it is easier to fix the other,” added Massa in Monaco.

Perez tipped him to bounce back.

“He (Massa) is a strong driver and he has a great team behind him. Once he’s bounced back all these stories will die at once,” he said.

Paul di Resta has hinted he would leap at the chance to replace Michael Schumacher at Mercedes.

The German marque’s Brackley based chief executive Nick Fry this week earmarked impressive Force India driver di Resta, earlier a Mercedes protege, as an ideal successor should Schumacher not stay beyond his 2012 contract.

Asked about Fry’s comments and the media speculation on Wednesday, di Resta said in Monaco: “It’s always nice to have the press interest and people looking out for you, but I need to stay focused on doing the best job I possibly can.”

He told Sky Sports News: “It’s no secret that I want to be a race winner and world champion — and to do that, I need to be in a great car.”

Even ahead of F1′s Singapore floatation, the sport has some new owners.

Reuters, the specialist financial market news agency, said US-based asset managers Waddell and Reed, Blackrock and Norway’s Norges Bank have bought a $1.6 billion stake from existing owners CVC.

The report cited a source “with direct knowledge of the matter”. The companies did not immediately comment.

It drops CVC’s stake from 63.4 per cent to about 40pc, the source said.

We reported on Monday that the Singapore stock exchange approved F1′s plan to raise as much as $3 billion in an initial public offering.

Other reports said pre-marketing for the listing, likely to go ahead at the end of June, will begin immediately.

“It is not our practice to publicly comment on our dealings with listing aspirants,” said a Singapore bourse spokesman.

Some insiders have expressed concern.

“Look at the muted first-day response to Facebook’s IPO,” an unnamed banker told the Singapore broadsheet Straits Times. “The F1 listing is not nearly as attractive and long-awaited as that.”

Ferrari has played down rumours it is close to immediately ousting Felipe Massa, insisting it is possible the struggling Brazilian will still be in a red car next year.

On Twitter, the famous Italian team said the latest rumours – including a claim that former Virgin driver Jerome d’Ambrosio is a candidate to replace Massa in 2012 – are “funny”.

But it was Ferrari itself who fuelled the speculation, publishing a statement on its website that read like a warning to Massa.

“It was a very carefully-worded statement, wasn’t it?” said Telegraph correspondent Tom Cary.

“The way this crazy season is going, I really would not be massively shocked if they ditched him mid-season.”

The Swiss newspaper Blick said Monaco next weekend could be the 30-year-old’s last chance to up his game.

And the candidates are lining up.

“Ferrari knows that I’m ready. If they need me or they want me, then they will call me,” Adrian Sutil, who accompanied his manager to last weekend’s Spanish grand prix, said.

The Spanish newspaper El Mundo said some paddock pundits believe “the only reason” Massa still has its seat is because the “name Todt” – a reference not only to Massa’s manager Nicolas but to the FIA president – has a “protective arm” around him.

Ferrari spokesman Luca Colajanni told Brazil’s O Estado de S.Paulo newspaper this week: “Felipe has the full confidence of the team, starting with our president.

“We have not decided who will be our driver in 2013 but Felipe is not ruled out,” he insisted.

Indeed, while some believe Ferrari has hung a sword of Damocles above Massa’s head, others think the Maranello based team have been patient since the Paulista’s recovery from his near-fatal head injuries of 2009.

“We have no evidence that makes us think that Felipe has slowed down because of the accident. Zero,” Colajanni said.

F1 doctor Gary Hartstein agreed: “An experience like that (Hungary 2009) changes you, but you can’t say that’s why Felipe has not won again.”

The oddest element of the 2012 season so far is that the unlikeliest of candidates could now be genuine title contenders.

Before the Spanish grand prix weekend, Pastor Maldonado was a commonly derided ‘pay driver’ with 500-1 odds of winning in Barcelona, and just a single point to his name in 2011.

Now, he is F1′s newest pole-getter and race victor, and genuinely regarded as a potential contender for the world championship.

And Dr Helmut Marko, the reigning world champion Red Bull’s motor racing manager, said: “If the Williams really has traction that good, then Maldonado will run rings around everyone in Monte Carlo,” he is quoted by Auto Motor und Sport.

Maldonado travelled straight from Spain to Caracus, where he was being quizzed by the local media as to his chances of a back-to-back victory repeat in Monaco next weekend.

“I think it’s going to be a great opportunity for us to be strong again,” he said.

Jerome d’Ambrosio is the latest name linked with struggling Felipe Massa’s Ferrari race seat.

While Mark Webber or Sergio Perez are the Maranello team’s more likely longer term solutions, Ferrari may be looking simply for a stop-gap solution, having reportedly run out of patience for Brazilian Massa’s lack of pace and results.

The French sports daily L’Equipe named d’Ambrosio, the Belgian driver who lost his Virgin/Marussia seat at the end of last season.

He is managed by Eric Boullier, and now Lotus’ reserve driver.

Also named as potential substitutes for Massa in recent days were Nico Hulkenberg, Paul di Resta and Kamui Kobayashi.

But, according to L’Equipe, d’Ambrosio “has the advantage of being immediately available, giving Ferrari time to find a more permanent solution” for 2013.

Also ready to step in now is Adrian Sutil, the former Force India driver who is putting his career back together after the Eric Lux assault affair.

“I have no money to offer,” the German is quoted as saying. “After five seasons, people know what is my level. I want a normal salary, that’s all.”

Felipe Massa’s formula one career is on the brink of collapse.

Ferrari boss Stefano Domenicali left Barcelona insisting he expects the struggling Brazilian to “fight back starting in Monaco”.

“We absolutely need his points to also fight for the constructors’ title,” he said.

Earlier, the Maranello based team said on Twitter that Ferrari is “disappointed with” the 30-year-old’s performance.

When asked about that comment, a Ferrari spokesman told the Sunday Times: “It was a poor choice of grammar. We are disappointed in the outcome of Felipe but not with Felipe himself.”

But the very latest development is that Ferrari is now making it abundantly clear that Massa needs to up his game immediately.

In a statement posted on its official website, Ferrari said Massa’s teammate Fernando Alonso “has always maintained a very high level”.

As for Massa, his “drop off has made itself felt”, the report stated.

“The Brazilian had picked up 49 points two years ago and 24 the following year, while so far this season he has just 2,” said Ferrari.

“Everyone, he more than anyone, is expecting a change of gear starting right away with the Monaco grand prix”, the statement concluded.

Even Massa’s strongest supporters in Brazil, like the O Globo journalist Celso Itibere, admit the situation is dire.

“He is at risk,” said Itibere, “his decline is progressive, he is failing to react and he runs the real risk of not finishing the season.

“At this time Ferrari has no one to take the job. Everyone they would like to have there – Perez, Kobayashi, Webber – are not available.”

Tuesday’s edition of the Italian sports daily Corriere dello Sport will report that Massa’s ousting is imminent.

And the latest edition of La Gazzetta dello Sport did not even once mention Massa’s name. “It is as though he does not exist,” wrote the Brazilian journalist Livio Oricchio in O Estado de S.Paulo newspaper.

“Yet it is an Italian newspaper, and he is a Ferrari driver.”

When asked if he fears for his F1 career, Massa said in Barcelona last weekend: “No. I live in the present. What will happen will happen.”

Asked if he is afraid another bad performance will seal his fate, Massa insisted: “I’m not afraid of anything, especially criticism. It doesn’t affect me.”

Two days after winning in Spain, Williams is scrambling to put together the equipment it needs to contest next weekend’s Monaco grand prix.

Mere hours after Pastor Maldonado secured the once-great British team’s first victory since 2004, a huge fire broke out in the pits, leaving one team member still in a Barcelona hospital with burns.

“His family are in constant communication and he is in good spirits,” Williams said in a media statement.

The Oxfordshire based team is now making efforts to ensure it can race in Monte Carlo, having lost a lot of equipment in the fire.

Mercifully, however, Bruno Senna’s car appears to have survived, with the Finnish broadcaster MTV3 saying an initial inspection of the chassis showed no devastating damage.

Maldonado’s winning car was in parc ferme at the time of the incident.

“We had a lot of damage and lost a lot of equipment, including IT equipment,” chief operations engineer Mark Gillan said, according to the Daily Mail.

“Over the next couple of days we will be looking at where we are parts-wise.

“We will have everything we need to run operationally at Monaco, but we may be missing a few of the extras because obviously we don’t carry a complete set of spares for everything,” he said.

It is believed more than one rival team has offered to help Williams by loaning the Sir Frank Williams-led outfit any equipment it needs.

A McLaren spokesman confirmed the Woking based team has offered to help.

Germany’s Bild newspaper said Williams’ damage bill runs into the millions.

Team manager Dickie Stanford denied a rumour the fire was caused by a cigarette in the vicinity of Senna’s fuel tank while it was being emptied.

“We don’t know the cause, but we would never allow smoking in the pits,” he insisted.

Williams and F1′s governing FIA are investigating.

The penalty might be harsh, but the loss of Lewis Hamilton’s pole in Spain is just the latest calamitous mistake by McLaren.

That was the tone of the paddock’s reaction to the news late on Saturday that a McLaren gaffe saw the FIA send Hamilton from first to last on the Spanish grand prix grid.

The Sun newspaper called it a draconian “24-place grid penalty” imposed by the FIA after an “astonishing cock-up” by McLaren.

Hamilton was told on the radio to pull over after his pole lap due to a “technical problem”.

Sporting director Sam Michael argued ‘force majeure’, but the stewards ruled that it had been entirely McLaren’s fault that not enough fuel was put into Hamilton’s car to ensure a scrutineering fuel sample.

Writing in the Telegraph, Tom Cary said the severity of the disqualification “raised eyebrows”, but agreed that “McLaren’s mistake was horrendous”.

He said it has been “a season of errors” by the famous British team, who are yet to get Hamilton’s signature on a new contract beyond 2012.

“Hamilton must be seething,” read an article in the Daily Mail newspaper, while The Times laid out McLaren’s “catalogue of errors”.

27-year-old Hamilton’s “raw talent is being thwarted by mishap and cock-up,” said journalist Kevin Eason.

“McLaren are lovely people but how the hell do they get themselves in this position?” wrote the Mirror’s Byron Young on Twitter.

Even the non-English language media agreed.

“It was another great mistake by McLaren that could eventually cost Hamilton the championship,” wrote Livio Oricchio in O Estado de S.Paulo.

Italy’s La Stampa called McLaren’s fuel gaffe a case of “harakiri”.

Germany’s Auto Motor und Sport added: “It was error number 13 for McLaren since last year”.

While highly critical of McLaren’s own-goal, however, the feeling in the paddock is that the stewards’ penalty – although accepted by McLaren – was overly harsh.

“Back of the grid? Way, way too harsh”, said the Mirror’s Young on Twitter.

“Draconian penalty in my view,” agreed PA Sport’s Ian Parkes. “Dropping Q3 time would have sufficed.”

Sky commentator Martin Brundle added: “(I) feel they should have deleted that (Q3) laptime only which would have put him sixth”.

And excluding Hamilton from Q3 altogether would have put him 11th. Now, he will be “lucky to score a point”, Auto Motor und Sport predicted.

In the Independent, however, David Tremayne noted: “Welcome to the draconian world of F1.”

David Croft, the lead Sky commentator, said the FIA stewards had acted correctly.

“A good rule should be one that covers all eventualities with a penalty that acts as a deterrent which in this case is what happened.

“Too little fuel can’t be tolerated,” he added. “It seems harsh but had Lewis taken pole by one thousandth of a second, would it be harsh then?”

The Spanish fans – not Hamilton’s biggest supporters dating back to his spats with Fernando Alonso in 2007 – were happy.

Asked on the El Mundo website whether the penalty was fair, 76 per cent answered yes.

Felipe Massa has hinted that Ferrari should consider moving on if major improvements to the F2012 do not push the team forwards this weekend.

The Maranello based team played down the extent of the upgrade seen in Barcelona on Friday, but one media pundit surmised that “almost everything is different” compared with the car in Bahrain three weeks ago.

It might, therefore, be seen as a last roll of the dice for Ferrari, who could therefore be advised to turn attention to the 2013 project should the upgrades not work as expected.

But when that was put to Fernando Alonso in Barcelona, the Spaniard answered: “I don’t think so. I don’t think so.”

Brazilian Massa doesn’t agree.

“If you have a car, you introduce a number of significant changes and you don’t get the response you expected, it means that the project is not good,” he is quoted by Brazil’s O Estado de S.Paulo newspaper.

“You would have to leave it in order to create a new base,” added Massa.

But Alonso doesn’t agree with his teammate’s final point, either.

When asked if the disappointing F2012 could nonetheless be used as the basis of Ferrari’s 2013 project, he insisted: “I think so. Yes.”

Lewis Hamilton on Friday was told he was lucky to escape penalty in Bahrain.

Nico Rosberg’s defensive driving got the lion’s share of the media attention three weeks ago, but in fact it was Hamilton’s pass on the Mercedes that was a more contentious topic during Friday’s drivers’ briefing in Barcelona.

Germany’s Auto Motor und Sport reported that the topic was discussed between the drivers and the FIA’s Charlie Whiting for no less than fifty minutes.

“In the end, it was resolved that Rosberg did nothing wrong. Lewis Hamilton was (unofficially) reprimanded.

“Charlie Whiting said the McLaren driver was lucky not to have been punished.”

The report said Whiting warned the drivers that similar cases, in which passes are made with four wheels off the circuit, will be penalised.

Circuit de Catalunya, Barcelona
Friday, 11th of May 2012
Weather: Sunny – Air 30ºC, Track 45ºC

10.00-11.30 FORMULA 1 PRACTICE SESSION 1
Pedro de la Rosa F112-02 #22 23rd (19 laps) 1:29.107
Dani Clos F112-03 #23 24th (19 laps) 1:31.618

14.00-15.30 FORMULA 1 PRACTICE SESSION 2
Pedro de la Rosa F112-02 #22 23rd (26 laps )1:28.235
Narain Karthikeyan F112-03 #23 24th (2 laps)

The time has finally come and the highly anticipated Spanish Grand Prix finally got underway today with the first free practice sessions at the Circuit de Catalunya (4.655 km). The day started with Dani Clos lining up alongside Pedro de la Rosa, making it a historic moment for the team and Spanish motorsport as a whole. The Spanish duo were able to try out the aerodynamic upgrades and compare data until Clos’ car came to a halt as a result of an electrical issue towards the end of the session.

The team worked hard at midday to solve the problem and get Narain Karthikeyan out on the track on time for the second session. It wasn’t to be but the team continued to fight against the clock and, in the end, the Indian driver was able to get on the track with half an hour to go in the session. But the car said enough was enough immediately and Karthikeyan wasn’t even able to finish two laps. On his behalf, de la Rosa completed a total of 26 laps comparing the two aerodynamic options with the two tyre options.

“I’m happy to have got into the car for the first time today, albeit for a short first encounter. The feeling I had when I left the pits and saw the Spanish crowd, whilst driving for a Spanish team alongside Pedro, was unbelievable. It was my first time in the new car and I wasn’t 100% comfortable since the car is built for Narain, so I had to adapt. We were able to carry out some aerodynamic work and try out some different things on the car so I’m pleased to have completed my job for the team”.

Pedro de la Rosa: “Today was the day to try out the aero package we’ve brought to Barcelona, so we completed various short stints to see how the car behaved with the changes. It was interesting because the car has effectively taken a step forwards, but we need an even bigger step, especially at such a tough circuit as this one where there are many quick turns and where you need to improve the balance of the car. There’s still plenty to do and a lot of data to analyze to have a better understanding of how to get the most out of these upgrades”.

Narain Karthikeyan: “I’m disappointed to have not got any laps under my belt today; it’s certainly not how I was aiming to start my weekend in Barcelona. Tomorrow will be an uphill struggle as we’ve only got one hour in the morning to get the car ready for qualifying in the afternoon, so we’re really going to have to get our heads down and work hard. Hopefully we can make up for the time lost today and turn things around tomorrow”.

Luis Pérez-Sala, Team Principal: “Today was a day of mixed feelings. On one hand it was very nice to see Dani make his debut but on the other hand we suffered a lot of electrical issues on Narain’s car. It’s a new chassis and there’s a lot of work to do with any new car so it’s not that strange for things to not work out first time round. It looks like the upgrades we’ve brought have worked well, which makes us optimistic for the future. Now we have to fix our immediate problems and work so that the weekend turns out the best way possible”.

Paul di Resta has played down media speculation linking him with a high-profile switch to Ferrari.

The reports suggested the famous Italian marque has been impressed with the Scot’s one and a half seasons with Force India and sees him as a potential replacement for the struggling Felipe Massa.

“I have not heard anything about it,” the 26-year-old, who is managed by Anthony Hamilton, said in Barcelona.

“I am just concentrating on the job I have to do for Force India. That is my only focus,” he is quoted by the Scottish Sun newspaper.

However, di Resta is widely regarded as having outshone his highly-rated teammate Nico Hulkenberg so far in 2012.

But he denies he is the number one driver.

“(There is) equal opportunity and everybody seizing his chances,” di Resta told F1′s official website.

As for his dominant position over Hulkenberg, he insisted: “That would be for Nico to answer.”

Hulkenberg said on Thursday: “The first four races have been quite tough but I’m looking forward — I’m bedding in well with the team.”

Michael Schumacher has denied his widely-reported comments about Pirelli’s 2012 tyres were simply about venting “frustration”.

“What frustration?” the seven time world champion was quoted as having told German media in Barcelona.

Not once but at least twice since the Bahrain grand prix three weeks ago, the Mercedes driver has suggested F1 and Pirelli have not got the balance right with the heavily-degrading tyres seen so far this season.

Schumacher insists his intention was to start a conversation.

“I am quite happy that we have initiated a discussion about how much influence one or another part should have in formula one,” he told reporters.

Fernando Alonso agreed, pointing the finger at the media for “exaggerating” Schumacher’s view.

“I read what he said and I don’t see any big problem with that,” said the Ferrari driver.

Schumacher also sounded happy that his position triggered a meeting with Pirelli officials at the Mugello test last week.

“We had a good meeting,” revealed the German, “to talk about this subject, so I just hope we continue to go in the right direction.”