02 February 2023 , 15:42
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The FIA has officially launched its Expressions of Interest process and aims to invite two new teams to join the Formula 1 grid within the next two years.
President Mohammed ben Sulayem announced the new process last month. It was the first clear sign that the sport, which has been focusing on growth and stability rather than expansion, is willing to consider adding new teams to its ranks.
It was great news for Michael Andretti, who is among those keen to form a new team. But there was a cold response from F1 itself and many of the teams, who are reluctant to dilute their profits.
Regardless, the FIA has pressed ahead with its plans and officially opened the new process on Thursday. The governing body pledged that all applicants "will undergo thorough due diligence", taking into account funding, experience and technical capability, among other factors.
Prospective entrants must also pay a £245k due diligence fee to submit their application and have it processed. The final deadline for sign-ups is expected to be April 30th with final decisions to follow two months later, though those dates are not set in stone.
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Teams will have a choice of entering the sport at any point between 2025 and 2027. It is expected that most would prefer the middle date, though, as 2026 is the point at which new engine and technical regulations come into force.
Michael Andretti wants to launch his own F1 team (Getty Images)Ben Sulayem said: "The growth and appeal of the FIA Formula 1 World Championship is at unprecedented levels. The FIA believes the conditions are right for interested parties, which meet the selection criteria, to express a formal interest in entering the championship.
"For the first time ever, as part of the selection conditions, we are requesting that candidates set out how they would meet the FIA's sustainability benchmarks and how they would make a positive societal impact through sport.
"The process is a logical extension of the positive acceptance of the FIA's 2026 F1 Power Unit Regulations from engine manufacturers which has attracted Audi to Formula 1 and created interest among other potential entrants."