Bernie Ecclestone rebuffed QPR co-owner Lakshmi Mittal on Sunday while giving manager Neil Warnock his full backing to lead the newly-promoted club into the Premier League.
Billionaire Indian steel magnate Mittal was quoted in Saturday's British newspapers as saying that he would be making a bid for full control of the west London club on Monday.
Formula One supremo Ecclestone, who holds approximately 62 percent of the club's shares, said at the Spanish Grand Prix that was not a given.
"Mittal put a statement out to say he was going to buy all the shares on Monday," the 80-year-old said. "But it's a bit like these Murdoch people saying they're going to buy CVC (Formula One's commercial rights holders). They've forgotten to ask if it's for sale."
Ecclestone became the majority shareholder in December after buying out former Renault team boss Flavio Briatore. He has said he has an agreement to give Italian Briatore first refusal should he wish to sell his stake. Ecclestone, Mittal and Briatore joined forces in 2007 to buy QPR.