31 January 2024 , 15:36
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Formula 1 chiefs have refused to allow Michael Andretti to form a new team - for now.
The former F1 racer's Andretti Global team, which competes in IndyCar among other series, had teamed up with General Motors to form the bid. The plan was for the carmaker to eventually create Cadillac-branded engines to power cars built by the American outfit, and use power units supplied by others until then.
The FIA last year gave approval for Andretti to create what would be the 11th team. However, the sport's commercial rights holders had the final say on whether a new outfit would be allowed to join the grid - and the current answer is no.
An F1 statement read: "Our assessment process has established that the presence of an 11th team would not, on its own, provide value to the championship. The most significant way in which a new entrant would bring value is by being competitive. We do not believe that the applicant would be a competitive participant.
"The need for any new team to take a compulsory power unit supply, potentially over a period of several seasons, would be damaging to the prestige and standing of the championship. While the Andretti name carries some recognition for F1 fans, our research indicates that F1 would bring value to the Andretti brand rather than the other way around.
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"The addition of an 11th team would place an operational burden on race promoters, would subject some of them to significant costs, and would reduce the technical, operational and commercial spaces of the other competitors. We were not able to identify any material expected positive effect on CRH financial results, as a key indicator of the pure commercial value of the championship.
"On the basis of the application as it stands, we do not believe that the applicant has shown that it would add value to the championship. We conclude that the applicant's application to participate in the championship should not be successful."
The statement went on to make it clear, however, that F1 chiefs would welcome the entry of General Motors into the sport later down the line. It added: "We would look differently on an application for the entry of a team into the 2028 championship with a GM power unit, either as a GM works team or as a GM customer team designing all allowable components in-house.
"In this case there would be additional factors to consider in respect of the value that the applicant would bring to the championship, in particular in respect of bringing a prestigious new OEM to the sport as a PU supplier." Mirror Sport understands that 2028 date is when F1 chiefs would be looking to reconsider allowing a new team to join the grid.
Andretti's F1 project is already in full swing with more than 120 staff hired, including some who have left existing teams to join. Former Alpine team principal Otmar Szafnauer said this week he had been in contact with Andretti to discuss leading the outfit if F1 approval was obtained.