Audi says no to F1

The German newsagency DPA is reporting that Audi chief executive Martin Winterkorn has confirmed that the Ingolstadt company has no plans to enter F1. Winterkorn says that the company which has been dominant at Le Mans in recent years will spend less on the sport this year but will up the budgets again in 2004.

"We do not envisage entering Formula 1," he said, noting that the huge costs involved would not make it worthwhile for the firm. There has long been speculation that Audi would enter F1 to take on rivals BMW and Mercedes.

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