Porsche abandons Red Bull Formula 1 deal following negotiations

Porsche has confirmed that its conversations with Red Bull about an F1 entry have come to an end.

It was expected that the German manufacturer would enter Formula 1 by purchasing a 50% stake in Red Bull Racing, following months of rumours and negotiations between the two parties.

However, in a statement released by Porsche, the brand confirmed that it would no longer be pursuing a deal with the Milton Keynes-based operation following the talks.

The statement said:

“In the course of the last few months, Dr. Ing h.c. F. Porsche AG and Red Bull GmbH have held talks on the possibility of Porsche’s entry to Formula 1.

“The two companies have now jointly come to the conclusion that these talks will no longer be continued.

“The premise was always that a partnership would be based on an equal footing, which would include not only an engine partnership but also the team. This could not be achieved.”

The ideal scenario of taking 50% of the F1 team seems to have recently come off the table, with recent comments from Red Bull indicating a wish to remain an independent body.

It remains unclear as to how Porsche will now look to break into the sport alongside fellow Volkswagen-owned brand Audi, who confirmed their entry at the Belgian Grand Prix.

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