MOORESVILLE, N.C. — Michael Andretti’s dream of owning a Formula 1 team moved one step closer to reality on Monday when the FIA approved his bid for an 11th team in the Formula 1 World Championship.
However, the FIA decision does not guarantee Andretti will get a two-car team, and Andretti Global and partner Cadillac must still prove their commercial value to F-1 rights holder Liberty Media and the existing teams. Many of those teams are strongly against expanding the 20-car grid, although those teams do not have a vote.
Monday’s announcement is a crucial next step in Andretti’s three-year effort to join the Formula 1 World Championship — a title his father Mario won in 1978.
FIA president Mohammed Ben Sulayem has been a major supporter of Andretti’s bid, which would also add General Motors and Cadillac for Formula 1 for the first time in the automaker’s history.
Ben Sulayem indicated the process for new teams to join “also attracted further commitment from Audi, Honda and Ford and interest from Porsche and General Motors,” according to the Associated Press.
“The FIA is obliged to approve applications that comply with the Expressions of Interests application requirements and we have adhered to that procedure in deciding that Andretti Formula Racing LLC’s application would proceed to the next stage of the application process,” Ben Sulayem said. “Andretti Formula Racing LLC was the only entity which fulfils the selection criteria that was set in all material respects. I congratulate Michael Andretti and his team on a thorough submission.”
Ben Sulayem took over as head of FIA in late 2021 and has been a key supporter of this year the process to increase the Formula 1 grid to allow new entries. In 2021, Andretti attempt to purchase the Sauber F-1 team, but that deal collapsed late in the process.
The FIA received seven applicants at the first phase. Five went through to the second round, which required a $300,000 fee and deep-dive by F1’s governing body. Only four applicants completed the entire process; Andretti, with engines that would be General Motors-badged under the Cadillac banner, was deemed to be the only worthy applicant.
Applicants had to meet FIA’s sporting, technical and financial requirements to be recommended as a future team.” Ben Sulayem said Monday “our objective, after rigorous due diligence during the application phase, was to only approve prospective entries which satisfied the set criteria and illustrated that they would add value to the sport.”
Andretti Cadillac released a statement following the approval.
“Andretti Cadillac is honored that the FIA has approved Andretti Formula Racing’s Expression of Interest for the FIA Formula One World Championship. We appreciate the FIA’s rigorous, transparent and complete evaluation process and are incredibly excited to be given the opportunity to compete in such a historic and prestigious Championship.
“The formation of this distinctly American team is an important moment of pride for all our employees and fans. We feel strongly that Andretti Cadillac’s deep racing competencies and the technological advancements that come from racing will benefit our customers while heightening enthusiasm for F1, globally.
“We look forward to engaging with all of the stakeholders in Formula 1 as we continue our planning to join the grid as soon as possible.”
Most of the existing teams have been publicly against expanding the grid for anyone, even an American with the General Motors branding. F-1 this year will have three races in the United States, five in North America, and has targeted a new sponsorship market by tapping into American popularity of the European racing series.
Red Bull and Mercedes have argued they have invested too much into F-1 for someone to buy their way into the series. There is a required $200 million anti-dilution fee for any new entrant, but the teams have argued expansion takes away from their financial cut.