Red Bull advisor Helmut Marko has revealed a new Powertrains branch is to be created after Formula 1 agreed to freeze engine development from 2022.

The unanimous vote in an F1 Commission meeting on Thursday gave the green light for Red Bull's plan to take over production of Honda power units from next year, this after the Japanese manufacturer announced their exit from F1 after 2021 last October.

But in his first remarks after the vote, Marko made it clear that Red Bull were not the only beneficiaries from the decision.

"It's good news not only for us but for the whole of Formula 1 in general," he told Germany's Motorsport-Magazin.com. "It reduces costs considerably."

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Indeed, without the freeze, the expense of development would have been too much for Red Bull, who had said their future in F1 was at stake, as they ruled out seeking a customer deal with one of the remaining suppliers.

But now that is all in the past, and the Austrian went into details about the next steps Red Bull will take.

"As of today, the course has been set for a new company to be established in Milton Keynes, this will be Red Bull Powertrains," Marko said.

"Building 8, one of our existing buildings, is being adapted into an engine shop. Now everything is happening, now it's starting.

"We're crazy, but we did a little math and calculations," he explained. "It is a one-time investment in the building and, above all, in test benches.

"But the running costs will not be so much higher than if we had bought an engine somewhere. It costs more, but not significantly more."

Honda does already have a building at Milton Keynes, but the option of using that was off the table as it only covered the hybrid aspect of the power unit.

Instead, RaceFans reports Red Bull will turn to Austrian engine specialists AVL for the necessary hardware needed to produce the engines at their new Powertrains factory.

The company though does hope to recoup some money by selling the naming rights, as they did with TAG Heuer between 2016-2018.

When the next engines are introduced in 2025, however, Marko confirmed Red Bull is eager to achieve full works status in partnership with a new manufacturer joining the F1 grid.

And RaceFans revealed one name mentioned often in the F1 Commission meeting was Porsche, who have voiced interest in returning to the sport and parent company Volkswagen has worked closely with Red Bull in motorsport before.