Dietrich Mateschitz has rubbished reports a rebuilt A1-Ring circuit could see formula one return to Austria.

Formerly known as the Osterreichring, the central Austrian venue dropped off the calendar in 2003 and was demolished.

But supported by Red Bull mogul Mateschitz, EUR 70 million reconstruction works began late in 2008, including new pit buildings and grandstands.

The billionaire said at the time that "speaking about a return of formula one" to Austria "would be absurd".

But it was rumoured in Valencia last weekend that F1 chief executive Bernie Ecclestone sees the A1-Ring, set to reopen in April or May 2011, as a potential replacement for an Asian race.

But Mateschitz told a weekend edition of the Salzburger Nachrichten newspaper: "This is unbelievable nonsense.

"Unfortunately, such stupidity was adopted and disseminated by numerous media.

"All I can say is that Bernie knows nothing about it, and neither do I. There is nothing to it," he added.