The much-anticipated deal between Porsche and Red Bull to facilitate a Formula 1 return by the former appears to be close, according to official documents published by the Moroccan government.
The first details of the deal have been revealed thanks to Moroccan rules on the release of documents relating to anti-cartel measures, which any business tie-ups are subject to. Porsche has had to lodge similar applications with a host of countries around the world related to the deal and Morocco makes such documents publicly available.
According to the application placed with the country’s Conseil de la Concurrence, Porsche is looking to create a joint venture with Red Bull and acquire a 50% stake in Red Bull Technology (which are separate business entities); the JV with Red Bull is for the development of a power unit, presumably for use in F1, with the Red Bull Technology acquisition facilitating the “development and manufacture of a Formula 1 chassis”.
The documents note that the venture will be officially announced on August 4. As yet, there has been no official comment from either Porsche or Red Bull on the subject.