Richards, head of Prodrive which will enter an F1 team next year, and a director of World Rally Championship rights holders ISC, bought Aston Martin from Ford after heading a consortium of investors.
But he has scuppered rumours which suggested he could be about to bring Aston Martin into the F1 circus.
He told the BBC: “There is a long way to go before an involvement in F1 could benefit the Aston Martin brand."
“Obviously you always review things as you go along, but there are two factors against it at the moment.
“Firstly, we consider at Prodrive our route to be competitive in F1 is to partner an existing team - frankly, I don't have the patience to set up a team from scratch and flog around at the back of the grid for five years.
“And as far as Aston Martin is concerned, it is a product that is still in its infancy. It is still developing as a brand.
“There are other issues for Aston Martin without worrying about something as dramatic as Formula One motor racing.”
