Porsche breaks off talks with Red Bull on possible Formula One entry

Porsche said on Friday it and Red Bull were terminating talks about the possibility of Porsche's entry into Formula One.

"The two companies have now jointly come to the conclusion that these talks will no longer be continued," Porsche AG said in a statement.

Volkswagen's former chief Herbert Diess said in May that Porsche and Audi would join Formula One, which has so far been dominated by the carmaker's German rival Mercedes-Benz.

Media reports had suggested long-standing talks between Porsche and Red Bull were stalling due to a gap between how much control the Volkswagen-owned marque wanted and what Red Bull was prepared to give.