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F1 finally ready to consider credible 11th-team entry

F1 finally ready to consider credible 11th-team entry

F1 finally ready to consider credible 11th-team entry

F1 finally ready to consider credible 11th-team entry

F1 CEO Stefano Domenicali has claimed the sport is finally ready to entertain credible proposals to increase the grid to 11 teams.

The value of the 10 teams currently in F1 has risen steeply since Liberty Media acquired the championship ahead of the 2017 season.

This value was protected in the latest Concorde Agreement by the addition of a $200million anti-dilution fee that would be split between the existing teams upon the arrival of a new entry.

Mercedes team principal Toto Wolff has been vocal in his opposition to any new team unless it can benefit the entire paddock, and although echoing these comments, Domenicali has hinted at a change in the position now from F1.

"It is not a problem having one more team to have better racing, therefore we will see and we will monitor the situation," said Domenicali in an investors' call following the release of Liberty Media's third-quarter financial results.

READ MORE...F1 enjoys another revenue bump as recovery continues

"If there would be a real, credible new entry that wants to discuss with us, we are ready to discuss, but we are not in a rushed position today for that."

Franchise dilution 'cannot be allowed'

Michael Andretti has been battling to position his successful outfit in the sport and recently told GPFans that F1 would "be our life."

Despite appearing to warm to the idea of an 11th team, Domenicali warned again that it cannot come at a price to existing teams.

"With regard to the value or the process of the possibility of bringing a new F1 team into the championship, of course, there is the primary step that both us and the FIA have to be in agreement on that," he added.

"And I think the first thing that we need to consider is, will this eventual possibility bring extra value to the championship?

"If so, of course, we are going to discuss it internally and we will see if there is any kind of real potential for a new entry that can give value to the championship.

"On top of this, there is a value that has to be recognised to the teams that are already in the championship, because, of course, they cannot allow any dilution of their partnership with the F1 championship.

"This is what is written in the Concorde Agreement but mainly, the point is that does a new entry bring a better position for the F1 world championship?

"This is really in terms of value from a financial point of view and in terms of value from a sporting point of view."

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