Porsche CEO Oliver Bloom says he had a “handshake deal” over a 2026 F1 partnership before contract talks with Red Bull fell apart.
Red Bull has long been known to be in talks with Porsche over a partnership for the 2026 F1 season, when new engine regulations are introduced.
However, Red Bull and Porsche could not agree on terms relating to the management of the team and the deal fell through.
F1 team principal Christian Horner, who has led Red Bull Racing since 2005, said his team would not sacrifice its DNA in any deal.
Oliver Bloom confirmed he wanted Porsche to be an equal partner in the deal, but Red Bull opted to pull out at the last minute.
“The negotiations went very well,” Bloom said.
“We wanted to be equal partners. Everyone has to decide for himself whether to sell shares. That’s fine. We played well.”
“We will see what happens in the future and what is fascinating. We have a huge motorsports program ahead of us that we are looking forward to.”
Porsche is eager to join the F1 grid as the new era of F1 begins and hasn’t ruled out forming partnerships with other existing teams.
Parent company Volkswagen has been pushing its involvement in F1, with Audi, also owned by Volkswagen, set to enter the F1 grid in 2026.
Audi plans to build its own F1 engine and enter as a works team by buying a stake in the team now known as Alfa Romeo, run by the Sauber Group.
Oliver Bloom was speaking at Porsche’s traditional end-of-season party at the Porsche Casino Weissach in Germany. There, Fritz Enzinger said goodbye as head of the brand’s motor business.
Speed Week reports that Fritz Enzinger spearheaded Porsche’s failed deals with Red Bull this year.
“Enzinger has made it known that he would probably have continued to work for the Volkswagen Group if his contract had not been broken,” Speed Week reported.
Category: F1 / Porsche / Red Bull
