Insider reveals how Red Bull’s billion-dollar Porsche deal collapsed

Before joining forces with Ford for its F1 engine project, Red Bull was deep in talks with Porsche – but those discussions collapsed four years ago

It is almost exactly four years since one of the most spectacular joint ventures Formula 1 might ever have seen fell apart in late summer 2022. Red Bull and Porsche had agreed to join forces in grand prix racing – only for Red Bull to pull out at the very last moment after a marathon of negotiations.

Those directly involved have rarely spoken publicly about the failed mega deal. But Fritz Enzinger, who headed Porsche Motorsport and the Volkswagen Group's motorsport activities at the time, revealed just how advanced the negotiations had become in an interview recorded on 29 July 2026 for a members' roundtable on the Formel1.de YouTube channel.

Enzinger said there had already been "a handshake between [VW CEO] Oliver Blume and [Red Bull co-founder Dietrich] Didi Mateschitz" – the two top executives on the Porsche and Red Bull sides respectively at the time the deal was in development.

He also confirmed reports from the time that the release of a joint press statement had already been planned: "It is true that the plan was to go public at Spielberg or at the race after that."

In his recollection, the public announcement was delayed because "there were still a few points in the regulations that had not been completely clarified. It was clear that if you committed and said you were coming into Formula 1", it would have been difficult to push through the regulatory changes to the power-unit rules that Porsche and VW wanted.

Fritz Enzinger led Porsche Motorsport at the time

Photo by: Porsche

"Because of that, we simply left some breathing room and said: 'OK, then we'll wait until the next race'."

It wasn't Porsche – Red Bull suddenly no longer wanted the deal

But the announcement was not merely delayed – ultimately, it never happened at all. Enzinger recalls that in those decisive days, there was "a change of direction" at Red Bull, "and so the entry simply didn't happen".

Enzinger does not want to speculate about the reasons behind Red Bull's change of heart. What is certain, however, is that "Didi Mateschitz was already in very, very poor health by then", while negotiations had to involve not only the Austrian shareholders, who held 49% of Red Bull GmbH, but also the Thai majority owners.

"And that was when the switch simply happened," he recalled.

Enzinger dismissed rumours that Porsche had also been negotiating with other teams at the time as fiction: "During that phase, Porsche only ever spoke to Red Bull... The constellation was unique, and because we were so focused on that, we basically did not hold any parallel talks.

“From Porsche's side, there really was only one objective: to enter Formula 1 with Red Bull."

Red Bull ultimately partnered with Ford instead

Photo by: Red Bull Content Pool

Before the deal collapsed, the two parties had already signed a letter of intent whose structure went far beyond merely supplying a power unit. Porsche planned to supply the power unit to Milton Keynes - and acquire 50% of Red Bull's Formula 1 operation. It was billed at the time as a "partnership of equals".

Enzinger: It's a good thing only one VW brand is in Formula 1

Ultimately, the Volkswagen Group did not send both of the brands it had been considering into Formula 1, but only Audi. The Ingolstadt-based manufacturer took over the Swiss Sauber team, which has been competing in the world championship as the Audi works outfit with Nico Hulkenberg and Gabriel Bortoleto since 2026.

As much as Enzinger would have liked to bring "his" Porsche brand into Formula 1 with Red Bull at the time, four years on he believes the deal's collapse also had a positive side.

"In hindsight, when you look at how difficult the situation in the automotive industry is now, I think there is something positive about the fact that it fell through" he said. "It's good that Audi is involved, one brand from the group. But I really find it very, very difficult to imagine that having two brands would have been possible."