Adidas has refused to deny speculation it could take over the naming rights at Red Bull-owned Alpha Tauri from 2024.

Earlier, it was suggested that the team was set to poach German fashion house Hugo Boss' sponsorship of the Aston Martin team - potentially to become 'Hugo Boss Bulls Racing'.

New Alpha Tauri CEO Peter Bayer admitted: "They (Hugo Boss) are also involved in the new project.

"But the new name is much bigger," he told Blick newspaper recently.

Since then, speculation that the 'much bigger' brand set to actually take over the Alpha Tauri naming rights is none other than Adidas has emerged.

"As a matter of principle, we do not participate in speculation," a spokesman for the German company, the second-largest sportswear maker in the world after Nike, told DPA news agency.

The report said Adidas' decision to enter Formula 1 is powered by its new CEO Bjorn Gulden, who similarly raised the profile of Puma when CEO at that German sports brand.
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