Formula 1 Rejects Michael Andretti’s Bid for Team Entry Despite FIA Approval

Michael Andretti’s bid to have an F1 team on the grid has been denied by Formula 1’s commercial rights holder despite approval from the FIA. The decision comes as existing teams express reluctance to share the revenue with an additional team. Former Haas leader Guenther Steiner cited concerns about increased risk and economic stability echoing sentiments shared by Williams team principal James Vowles.

However, McLaren CEO Zak Brown sees potential benefits in Andretti’s entry such as increased revenue and better television contracts. Brown’s only reservation is the lack of clarity surrounding Andretti’s proposal. To join F1, Andretti would need to pay a $200 million anti-dilution fee as stipulated in the Concorde Agreement.

While specific investment figures from Andretti are undisclosed Mercedes team principal Toto Wolff suggests that successful entry into F1 could require a substantial investment potentially around $1 billion.

Cataleya

Share
Published by
Cataleya

Recent Posts

Bayern Munich Extend Lead with Musiala’s Wonder Goal

Bayern Munich extended their lead at the top of the Bundesliga with a 1-0 win…

1 hour ago

Coco Gauff Triumphs at WTA Finals with Stunning Comeback

Coco Gauff clinched the WTA Finals title in a thrilling comeback against Zheng Qinwen, winning…

1 hour ago

Mark Cavendish to Retire After Final Tour de France Criterium

Mark Cavendish the most successful sprinter in cycling history will retire after racing in the…

2 hours ago

Jos Buttler Eyes New Era After Injury Return

Jos Buttler remains determined to lead England’s white-ball teams into a new era after concerns…

2 hours ago

Paul Waring Maintains Slim Lead at Abu Dhabi Championship

Paul Waring heads into the final round of the Abu Dhabi Championship with a reduced…

2 hours ago

Ding Junhui Advances to Final After Beating Xu Si

Ding Junhui secured a 9-6 victory over compatriot Xu Si to reach the final of…

2 hours ago