SPA-FRANCORCHAMPS, Belgium -- Former British American Racing (BAR) principal Craig Pollock denied any involvement in the purchase of the struggling Arrows Formula One team.

"Absolutely not, it's nothing to do with me," the Scot told Reuters when asked at the Belgian Grand Prix. "My interest in Arrows is officially finished. That's it."

Pollock, backed by California-based investors, had been in talks with Arrows before the team said in a statement on Wednesday that an American investor had signed Heads of Agreement to purchase the team.

The deal, which should save the British-based team from the threat of failure, is due to be completed on Friday.

A team source also denied that Dieter Mateschitz, owner of the Red Bull sports drink brand who has been looking to set up a Team Red Bull USA, was involved.

Pollock said he had been close to agreeing a deal, but "obviously not close enough...I'd say just at the very last minute somebody else came in."

He could not say who the new investor might be.

Arrows turned up at a grand prix for the first time since the German round at Hockenheim last month, a team bus occupying the space reserved for their hospitality in the Spa paddock on Thursday.

Brazilian driver Enrique Bernoldi was also present Thursday without any action on the track and said he still did not know who his teammate would be for the weekend.

Arrows, who did not go to the last Hungarian Grand Prix, released German Heinz-Harald Frentzen last month and have not yet named a replacement.

International Automobile Federation sources said the deadline for teams to nominate their drivers had passed but race stewards could still allow a late entry at their discretion.

Spaniard Fernando Alonso, the current Renault test driver who has a full drive with the French team next season, was one of those named in paddock speculation as a possible stand-in.

Arrows also had to pay their engine suppliers Cosworth by a Wednesday deadline but sources at the Ford-owned company saw no problems to prevent the team from racing.