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Now, hold on to your hats folks. This is really huge news. According to BBC’s F1 chief analyst, Eddie Jordan, Volkswagen is close to agreeing a deal to take over the Red Bull Formula One team. Jordan said that Red Bull’s boss, Dietrich Mateschitz, has signed off on the deal with his motorsport adviser Helmut Marko.

For a company that owns the Audi, Porshce, Lamborghini, Bugatti, Bentley, Seat and Skoda; one would assume that Audi would be the chosen one to take the limelight. According to Jordan, if VW does indeed take over the team and build its own engine, it will not debut until 2018, as the Red Bull team will use a Ferrari-sourced power plant during the transition period.

“Red Bull and VW have been in on-and-off talks for more than a year and I understand that the fundamentals of a deal for the sale of the team have been agreed,” said Jordan. “An arrangement whereby VW would take it over, becoming the fourth major manufacturer in F1, and Red Bull would continue to enjoy the high profile that comes from a major sponsorship suits both parties,” he added.

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71 year-old Red Bull boss, Dietrich Mateschitz, told his company’s Speedweek website, that using a Ferrari engine would be “a very acceptable solution for the next two or three years” but a contract with the Italian company was not finalized yet.

He also stated in the interview that the title sponsorship by Infiniti, which is a premium brand part of the Renault-Nissan alliance, will be waived, which is estimated to be € 25 million (RM119 million) a season. The Red Bull boss also hinted that the new partnership with Ferrari could begin in September or October, but is avoiding to confirm the speculation just yet.

He does admit that there have been ‘positive talks’ between Red Bull’s motorsport advisor Dr Helmut Marko and Ferrari team head Maurizio Arrivabene, and everything will only be finalised once Mateschitz and Ferrari president Sergio Marchionne give the go ahead.

Interestingly, BBC Sport believes that VW chairman, Martin Winterkorn, agreed to deal to buy out Red Bull last winter but was vetoed by former VW Group chairman Ferdinand Piech; who was ousted in a boardroom power struggle and resigned in April.