Epsilon Euskadi not giving up on F1 ambitions
The Spaniard tried to acquire the thirteenth and final team entry for 2011, but the FIA ruled that none of the applicants had the financial resources to justify the go-ahead.
But Villadelprat told the Noticias de Gipuzkoa that the 13th entry is not the only route into F1.
"We have not thrown in the towel," he confirmed.
"The most important thing in formula one is the funding that allows you develop for the long-term. We already have the infrastructure and human capacity.
"We are still working with a range of investors and we hope soon to have a final decision," added Villadelprat. "If the decision is positive, we have a range of options.
"We can go for the 13th entry in 2012, or for 2011 buy an existing team."
He ruled out buying the struggling HRT team.
"We are not in contact with them," said Villadelprat, with decades of experience in F1 with Ferrari, McLaren, Benetton and Prost.
"But we are confident that there are licenses available, because there are several teams in a very delicate economic situation," he added.
"If we secure the budget for the next four years to take over the project of one of these teams, we will — otherwise, no."