Porsche reveals 'handshake' F1 deal with Red Bull before split

Porsche has revealed that it had a "handshake" deal in place with Red Bull to acquire a significant stake in the F1 team before talks collapsed between the two parties.

Earlier this year, Audi and Porsche were given the green light by Volkswagen to enter F1.

At Spa, the former announced its commitment to the sport from 2026 as an engine manufacturer with an association with Sauber also in the works, while it was rumored that Porsche intended to acquire a 50% stake in Red Bull Technologies, the entity that operates the F1 team.

• Read also: Audi preps for F1 - begins expansion of Neuburg factory

But in September, talks broke down between the two companies, allegedly because Red Bull was determined to retain its decisionary independence and flexibility, suggesting that there could only be one leader at the helm of the partnership.

But a prospective deal between the two companies went as far as a handshake according to Porsche chief executive Oliver Blume.

"The talks went very well, a stake in the team was agreed on a handshake, but was not finalised at the last moment," Blume said, quoted by Speedweek.

"We wanted to be an equal partner. Everyone has to decide for themselves whether they want to sell shares. That’s okay with us. We behaved fairly.

"We will see what happens in the future and what will be attractive. We have a huge program [in motorsports] ahead of us that we’re looking forward to."

Since Red Bull's retreat from the deal, little has transpired about Porsche's future plans regarding F1. But in October, following a meeting in London of the World Motor Sport Council, FIA president Mohammed Ben Sulayem insisted Porsche was "still in discussions" with F1 teams over an entry.

In September, Porsche successfully completed its IPO. The company now trades on the Frankfurt stock exchange separately from Volkswagen.

Keep up to date with all the F1 news via Facebook and Twitter