Troubled Jaguar are still "nowhere near" deciding their Formula One future, according to the team's managing director David Pitchforth.
Ford announced last month that they would pull out of Formula One at the end of the 2004 season and put their Jaguar team up for sale.
Austrian Red Bull drinks magnate Dietrich Mateschitz, already a Jaguar sponsor, has emerged as a potential bidder.
Pitchforth quashed reports Jaguar were already "99 per cent sold" and that Red Bull were the buyers, however. "We're nowhere near 99 per cent sold," he said.
Jaguar are in a race against time to be on the starting grid in 2005. They must find a buyer by mid-November while Jordan and Minardi, who are supplied by Ford-owned Cosworth, now need to find new engines.
"Time is of the essence but there's no decision, really," said Pitchforth, though he confirmed Jaguar were in discussions with Red Bull among other potential purchasers.