Thursday December 7, 2023

Porsche Still Interested in F1 After Red Bull Deal Breaks Down

  • Porsche is no longer in talks to purchase half of Red Bull Technology.
  • The car company is still interested in entering Formula 1.
Scott Ash / Imagn
Copy Link
Link Copied
Link Copied

Porsche will not be entering Formula 1 with Red Bull after all.

Porsche was expected to purchase 50% of Red Bull’s F1 team and 50% of Powertrains, Red Bull’s new power unit manufacturer, according to a Financial Times report — but the pair weren’t able to come to an agreement.

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

Red Bull’s investors reportedly weren’t willing to sell a stake in the team.

  • Bloomberg reported in July that Porsche and Red Bull couldn’t decide how much technology would be provided to Oracle Red Bull Racing compared to sister team AlphaTauri.
  • The sides were also in conflict over the power to name drivers for a joint race team.

But Porsche isn’t ready to call it quits with Formula 1.

“The racing series nevertheless remains an attractive environment for Porsche,” the statement reads.

The news comes shortly after Audi — which shares parent company Volkswagen with Porsche — announced plans to join F1 in 2026 as a power unit instructor.

Porsche’s Public Plans

Volkswagen announced plans earlier this month to take Porsche public through an IPO that could value the brand between $59.4 billion and $84.2 billion.

Volkswagen would offer 12.5% of Porsche, which has the potential to raise more than $10 billion.

Copy Link
Link Copied
Link Copied

What to Read

Red Bull Racing driver Max Verstappen of The Netherlands celebrates his victory of the Las Vegas Grand Prix at Las Vegas Strip Circuit.

The 10 Highest-Paid Formula 1 Drivers For 2023

Red Bull Racing’s Max Verstappen tops the list with $70 million.

Red Bull-Dominated Formula 1 Season Ends With Expansion Unsettled

The Abu Dhabi Grand Prix ended the 2023 F1 season.

Las Vegas Gets MLS Recommendation From Key Team Owner

An MLS team in Las Vegas would give the league 31 teams.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
Shaun White Josh Harris

Josh Harris Doubles Down on Sports as an Asset Class with Latest Investment

Shaun White is partnering with Washington Commanders owners Josh Harris and David Blitzer to purchase an action sports camp.
PFL Bellator
November 20, 2023

PFL Completes Acquisition of Bellator, Readies to Challenge UFC

“Today, the MMA market changed,” PFL Founder Donn Davis said.
A view of a 1914 Baeb Ruth rookie card in a protective casing from the Sportscard Guaranty Company.
December 4, 2023

Babe Ruth Rookie Card Sets Player Record at $7.2M

It’s the most expensive piece of Babe Ruth memorabilia ever sold.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
November 14, 2023

German Soccer Pushing $1.1B Rights Deal To Private Equity Investors

Governing body mounting third attempt for outside investment
CAA logo on side on building
November 13, 2023

CAA Forms Sports-Focused Investment Bank In Continued Expansion Push

Powerhouse agency looks to further expand dealmaking capabilities
Mercedes-AMG Petronas driver George Russell drives on the track during the Formula One Las Vegas Grand Prix Launch Party at Las Vegas Strip.
November 10, 2023

Ticket, Hotel Prices Plummet As Las Vegas GP Nears

Lack of competitive drama for F1 event fuels market crash
November 9, 2023

McMahon Selling $713M In TKO Stock, CEO Emanuel Could Be A Buyer

Bombshell announcement to bring big changes to company's ownership structure