It was reported earlier this week that both Audi and Porsche were set to enter F1 in the coming days.
Audi, who was reportedly looking to partner up with McLaren, has seen its initial bid turned down.
Formula 1 has grown greatly in terms of universal appeal in recent years.
Naturally, big brands want to capitalise on this growing market through sponsorships or entry as individual teams.
It’s worth noting that both Google and Oracle entered the F1 arena this year in the form of partnerships with McLaren and Red Bull, respectively.
Volkswagen had reportedly given both Porsche and Audi the green light to enter F1.
Now, Automobilewoche reports that Audi has increased its offer to the tune of 650 million euros after seeing its initial contract rebuffed by McLaren.
With backing from Google already in the bag, McLaren has established itself as one of the most marketable teams in the sport.
It boasts an extremely rich history in F1, having amassed eight constructor’s championships as well as 12 driver’s championships.
Although results have not been the greatest in the last couple of years, the team has built a great brand value over time.
While a P4 finish was not catastrophic for the team last year, it is not exactly in line with the finest years of the team.
The team will hope to perform better this year despite a slow start to the season where both drivers have only managed to collect a combined six points between themselves in the first two races.
Daniel Ricciardo has failed to hit the ground running and currently has no points this term, while Lando Norris managed to accumulate all the team’s points with his performance in Saudi Arabia.
The entry of Audi, therefore, will come as a huge boost for a team that is looking to scale its past heights.