Porsche is not putting together a formula one team.

Another Volkswagen brand, Lamborghini, has ruled out a team entry. "The investment needed just to participate, let alone win, is too high," said chief executive Stefano Domenicali.

"As long as there is a two-class society in F1, it's is not a playing field for us," he told Auto Bild.

But Domenicali, the former Ferrari team boss, said F1 would be "a fantastic platform for the Volkswagen Group".

The smart money was on Porsche, and it was strongly rumoured that the German brand was seriously considering a foray.

But a Volkswagen insider told Auto Motor und Sport: "The time for an F1 entry was just wrong."