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Porsche Advances Plans to Enter Formula 1 With Red Bull
Posted August 10, 2022
Leaked documents indicate the German automaker will buy half of the racing team. But insiders say much remains to be determined.
Leaked documents that detail Porsche’s plan to buy half of Red Bull Technology are reliable, a Red Bull Racing spokesperson confirmed on July 28.
The filing, first reported on July 27, shows that Porsche petitioned Moroccan race authorities on July 8 regarding an impending 10-year deal with the F1 team. The notification outlined a 50% purchase of Red Bull Technology, which builds chassis for the Formula 1 team Oracle Red Bull Racing; it indicated that the partnership would also extend to the separate F1 team business.
Details regarding how the deal is to be be structured are not finalized, say sources close to the matter. Instead, phone conversations and email exchanges with insiders at both parties suggest that questions persist regarding how much technology Porsche will supply Red Bull Racing, compared to its Red Bull-owned sister racing team, AlphaTauri. Also unresolved are questions as to which brand will have the ultimate power to name drivers for a joint race team.
“The companies remain engaged in constructive discussions,” Thomas Hagg, Porsche’s director of international events and sports communications, said in an email on July 28. “A final decision has yet to be taken.”
A source close to the matter says the timing to finalize the deal remains uncertain, but that Porsche and Red Bull could reach an official agreement by the end of summer—though not necessarily as soon as Aug. 4, as some reports have stated.
Word of a possible Porsche entry to Formula 1 has been percolating for years. Porsche executives teased a possible entry as far back as 2010. The decision to join was confirmed in April, when VW Group’s supervisory board approved plans for Porsche and Audi’s potential entry to F1.
In May, Herbert Diess, then chairman of Volkswagen Group, acknowledged that Porsche had already started developing a F1 engine. (On July 22, VW announced it would replace Diess with Oliver Blume as chairman of the group, effective Sept. 1. Blume is also the chairman of Porsche AG and will retain that role going forward.)
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