Jaguar have admitted their Formula One future hangs in the balance after Ford withdrew their backing and decided to sell the team at the end of the season.
The Red Bull soft drink company has emerged as a potential buyer but Jaguar's F1 managing director David Pitchforth said no deal was imminent.
"We're nowhere near 99% sold," Pitchforth said. "Time is of the essence but there's no decision.
"There's a lot of good stuff going on but it's not over until it's over."
Pitchforth did confirm talks with Red Bull, which sponsors Jaguar driver Christain Klein, were ongoing.
But the team are still some way from finding an investor who can ensure Jaguar take their place on the grid next season.
"There's a process to go through that involves banks and
lawyers and all that's happening as quickly as we can get it," he said.
The outfit have until 15 November to find a buyer and submit their entry to the sport's governing body, the FIA.
Jaguar's star driver Mark Webber has already agreed to join Williams at the end of the season.
Ford announced its decision to end its four-year involvement with the Jaguar Formula One in September.
The US car giant's decision also means Jordan and Minardi will need to find new engine suppliers after it also decided to withdraw its Cosworth engine division's involvement in the sport.