Sauber have rebuffed reports that an investment from a group of Russian companies has broken down.

The Swiss Formula 1 team have experienced financial woes for a long period of time, but are adamant that a proposed deal is already in motion.

A statement from Sauber on their official website said: "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."

Sauber have also confirmed that preparations for 17-year-old driver Sergey Sirotkin will begin next week.