Red Bull Racing are set to pull out of Formula One as a team owner with Dietrich Mateschitz selling the Milton Keynes based outfit to car giant Volkswagen, according to BBC F1 analyst Eddie Jordan.
Jordan’s comments come after both Christian Horner and Red Bull Motorsport consultant Dr Helmut Marko confirmed that the team will pull out of Formula One at the end of this season if they can not secure a competitive replacement for Renault who it has been confirmed have terminated their agreement with Red Bull.
EJ who usually right about these stories has said that the team would continue to operate as Red Bull up until 2018 with Ferrari power when the team would than become a VW manufacturer team with a VW engine.
Dietrich Mateschitz, the owner of Red Bull told his website Speedweek.com that the deal to terminate their contract with Renault was concluded a number of weeks ago and that using Ferrari engines for the next two to three year period would be an acceptable option. Jordan commented by saying:
Red Bull and VW have been in on-and-off talks for more than a year and I understand that the fundamentals of a deal for the sale of the team have been agreed, An arrangement whereby VW would take it over, becoming the fourth major manufacturer in F1, and Red Bull would continue to enjoy the high profile that comes from a major sponsorship suits both parties.
Volkswagen and Red Bull have an existing relationship with their association in the World Rally Championship and the DAKAR Rally. The two parties are also tied with former Red Bull Racing driver Mark Webber as they sponsor the Australian in the World Endurance Championship with Porsche who are owned by VW.
Renault and Red Bull have been together since 2007 and have won four world championships together and although their partnership is over what remains unclear is what Renault will do in the future with continued uncertainty over the deal to buy a majority shareholding in the Lotus F1 Team.
The Enstone outfit were in the High court in London on Friday over an unpaid tax bill with the case been adjourned until September 28.
The news that Volkswagen are set to enter Formula One as a works team is a major boost for Formula One as it will bring the number of manufacturers involved the sport as works teams to four potentially if the lotus/Renault deal goes ahead so we would have Ferrari, Renault, Mercedes and Volkswagen.