Audi Formula One deal with McLaren becoming unlikely – source

div classBodysc17zpet90 cdBBJodivpHAMBURG Reuters – An agreement for Volkswagens premium brand Audi to join Formula One by investing in British luxury sports carmaker McLaren is becoming increasingly unlikely, a person familiar with the project told Reuters on Thursday.p

p“The price expectations are too far apart,” the person said, adding that while the project had not yet failed its prospects are now close to zero.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pMeanwhile, talks with the racing teams Sauber and Williams are continuing, the person said. Both Audi and Volkswagen declined to comment.p

pManager Magazin reported earlier on Thursday that talks with McLaren were close to failing after months of negotiations. p

pVolkswagen has not previously been involved in Formula One but has worked with Red Bull, notably in the world rally championship.p

pOn Monday, VW Chief Executive Herbert Diess said that brands Audi and Porsche would join Formula One, after convincing the German automaking group that the move would bring in more money than it would cost.p

pA source had told Reuters in March that Audi was ready to offer around 500 million euros 556.3 million for McLaren as a means to enter.p

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pp Reporting by Jan Schwartz Writing by Maria Sheahan, editing by Kirsti Knollep

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