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2015-01-15 07:54

F1? NO MONEY! Porsche chief Matthias Mueller, at the launch of the 911 Targa GTS at the 2015 Detroit auto show, shares the reasons why the VW group is not interested in racing in F1. Image: Porsche

DETROIT, Michigan - Porsche chief Matthias Mueller has all but ruled out the VW group taking serious interest in racing in Formula 1.

Mueller told DPA at the 2015 North American International Auto Show: “There is some speculation again - I don't know where it comes from but I can tell you that it has not been seriously discussed at the meetings I have attended over past months.

"There are no decisions in this direction."

'WE DON'T HAVE THE MONEY'

Porsche, part of the VW group and a competitor in sports-car endurance races such as the annual Le Mans 24 Hours, most recently competed in F1 in 1991 as the engine supplier to  the Footwork team.

Mueller said: "F1 costs a lot of money. I know how much the successful companies invest per year. We don't have that money."

He added (ominously? Editor)  that the future of F1 could be unclear once commercial rights boss Bernie Ecclestone (84) was no longer around.
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