Instead, Porsche will enter a future endurance series which is currently being developed by the FIA. It seems that other brands, such as Audi, Peugeot or Toyota are also interested in this.
Porsche sees F1 as offering a poor return on investment. In other words, F1 isn't interesting for the company as it offers too little in exchange for the enormous funds needed to take part in it.
The new series will make a lot of sense for Porsche, since the company is already taking part in the 24 Hours of Le Mans. In addition to that, the company already offers multiple GT-class cars.
The CEO explained that the company plans to start its engines in the new series in 2014.