The Volkswagen Group had approved Porsche’s plans but talks have now fallen apart.

An agreement could not be reached surrounding the percentage of the Red Bull team that would be taken over by Porsche.

But Porsche don't believe their project to enter F1 is completely over - they are still attracted by the new regulations and see potential opportunities with other teams.

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A Porsche statement on Friday ahead of the F1 Italian Grand Prix read: "In the course of the last few months, Dr. Ing. h.c. F. Porsche AG and Red Bull GmbH have held talks on the possibility of Porsche's entry into Formula 1.

"The two companies have now jointly come to the conclusion that these talks will no longer be continued.

"The premise was always that a partnership would be based on an equal footing, which would include not only an engine partnership but also the team. This could not be achieved.

"With the finalised rule changes, the racing series nevertheless remains an attractive environment for Porsche, which will continue to be monitored."

Porsche and Red Bull had discussed a partnership to begin in 2026.

Red Bull team principal Christian Horner said to Sky last weekend: "Red Bull has always been an independent team, it has been one of our strengths and it has been the backbone of what we have achieved and our ability to move quickly.

"It is part of the DNA of who we are.

"We are not a corporately operated organisation and that is one of our strengths in how we operate as a race team and that is an absolute pre-requisite for the future.

"They need to decide whether they want to join that party if not but it would have to be within the culture of the way to go racing."