DAYTONA BEACH, Fla. – Michael Andretti may get his chance to own a Formula 1 team after all.
Andretti’s father, racing legend Mario Andretti, revealed on Twitter Friday afternoon that his son has applied to the FIA to field a new F-1 team in 2024.
“His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA’s determination,” Mario said on Twitter.
Michael has applied to the FIA to field a new F1 team starting in 2024. His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA's determination.
— Mario Andretti (@MarioAndretti) February 18, 2022
On Jan. 13, Andretti started a SPAC to raise $200 million with the intent to create business outside of his existing racing operation based in Indianapolis.
The special purpose acquisition company (SPAC) created for this purpose named Andretti Acquisition Corp. had an initial public offering (IPO) of 20,000,000 units at a price of $10 per unit setting a target of raising $200 million.
Michael Andretti, the son of the legendary racer Mario Andretti, is co-CEO along with long-time friend and business partner Bill Sandbrook, who is the former CEO of U.S. Concrete. Others involved include McLaren Racing CEO Zak Brown.
The stock is now being traded under the ticker symbol “WNNR.U” on the New York Stock Exchange.
Last Fall, Andretti was within 48 hours of acquiring the Alfa Romeo Sauber Formula 1 team for $600 million. The deal failed when Sauber would not give Andretti full control of the team.
“Financing was never the reason the Alfa deal fell apart,” Andretti said at the time. “It was about control of the team.”
Andretti Autosport sources told SPEED SPORT “the team is not able to offer any information beyond what Mario has shared.”