Volkswagen Group has opened the door for its Porsche and Audi brands to pursue separate entries into Formula One racing.
VW Group's supervisory and management boards are backing plans for the brands to potentially join the competition as early as 2026, VW said Thursday.
VW Group has not previously been involved with F1 but has worked with Red Bull in the world rally championship.
Porsche and Audi will provide further information on the details at a later date, a VW spokesperson said.
Audi is ready to offer around 500 million euros ($556.30 million) for British luxury sports carmaker McLaren as a means to enter, a source told Reuters last week, while Porsche intends to establish a long-term partnership with racing team Red Bull starting in several years' time.