Fritz Enzinger, former head of Porsche Motorsport, has revealed startling details about how a billion-dollar deal between Red Bull and Porsche fell through in the summer of 2022. In an interview recorded on July 29, 2026, for a members' roundtable on the Formel1.de YouTube channel, Enzinger disclosed that negotiations were so advanced that there was even a handshake between Volkswagen CEO Oliver Blume and Red Bull founder Dietrich Mateschitz.
Enzinger explained that a public announcement was planned, with the target of releasing it at Spielberg or the following race. However, delays occurred because several regulatory points were not fully clarified. "We simply left some breathing room and said: 'OK, then we'll wait until the next race'," he said. But the announcement never happened. Enzinger recalled that in those decisive days, there was "a change of direction" at Red Bull, and the entry simply didn't happen.
Although reluctant to speculate, Enzinger noted that Mateschitz was already in very poor health at the time. The negotiations also involved 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 also dismissed rumors that Porsche was negotiating with other teams. "During that phase, Porsche only ever spoke to Red Bull. The constellation was unique, and because we were so focused, 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," he stressed.
The collapse of the deal left a wound for Porsche, which ultimately decided not to enter F1 to this day. Meanwhile Red Bull, which had lost a potential partner, later partnered with Ford for its F1 engine project starting in 2026. The partnership with Ford was announced in early 2023, marking a new chapter for the Milton Keynes-based team.
Enzinger, who at the time led Porsche Motorsport and Volkswagen Group's motorsport activities, provided a rare testimony of how close the deal was to becoming reality. According to him, a letter of intent had already been signed before the agreement ultimately fell apart. "It was truly a deal that was on the verge of happening," he added. He also mentioned that regulatory factors were one reason for the delay in the announcement, as Porsche and VW wanted changes to the power unit rules that could not be pushed through if the commitment was not final.
This failure became one of the most dramatic moments in the history of potential collaborations in Formula 1. Red Bull, which was then developing its own engine after Honda decided to withdraw at the end of 2021, saw Porsche as a strategic partner that could accelerate the project. However, internal dynamics and Mateschitz's health changed everything. Now, with Ford, Red Bull hopes to achieve success in the new 2026 engine regulations era.
For Porsche, the decision not to enter F1 remains a big question mark. Despite its long heritage in motorsport, including at Le Mans and Formula E, its presence on the F1 grid is yet to materialize. Enzinger himself has retired from his position, but this story remains a lesson in how fragile big negotiations can be in the racing world.
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