The FIA may have rejected their bid to field a new team, but don't count Jacques Villeneuve and Durango out for the count just yet. According to reports from the paddock, the joint venture composed of a former world champion and an Italian racing team is going old-school in its campaign to own and operate its own F1 team.

Typically the easiest (and often the most successful) way of gaining control of an F1 team has been to buy an existing one, rather than start one from scratch. On that basis, Villeneuve and Durango are reportedly shopping around at existing teams struggling to get ahead and which might be up for sale. Newcomers HRT and Virgin are said to be in their sites, but we wouldn't count Scuderia Toro Rosso out of the question for that matter, either.

[Source: ESPN | Image: Jason Smith/Getty]