Two sources close to the matter said that Volkswagen is likely to give the green light for Audi and Porsche to make their entry into motor racing’s Formula 1 at a meeting next week.
“We will hopefully be able to communicate our intention to enter into Formula One then,” one of the sources said, with the second adding there was a “good chance” of a positive decision.
Volkswagen declined to comment. The news was first reported by Business Insider.
The general understanding at this stage is that the brands will partner with existing Formula 1 teams.
Audi will offer around 500 million euros for McLaren, one source said, while Porsche intends to establish a long-term partnership with racing team Red Bull starting in several years’ time.