Andretti F1 bid dealt financial BLOW

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Andretti F1 bid dealt financial BLOW

The prospective 11th team could be dealt with a huge financial blow in their bid to join F1

Tyler Rowlinson

Thursday 6 June 2024 00:00

Andretti have been dealt with several challenges in their bid to enter Formula 1 - and they could be handed a huge financial blow if they want to join the grid.

The American squad had received approval from the FIA to become the sport’s 11th team in late 2023, but Formula One Management opted to reject their application, citing that they would not bring any sporting or financial benefit to F1.

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But that has not stopped Andretti in their quest to join the grid, with the team recently acquiring the services of former F1 chief technical officer Pat Symonds and opening a new headquarters in Silverstone.

However, the team have been dealt several blows, with FIA president Mohammed Ben Sulayem stating that they should buy an existing team - and if they are to persist with becoming the sport’s 11th team, their fee to enter the sport could be set for a dramatic increase.

The team recently made the statement signing of Pat Symonds

Andretti F1 entry fee set to triple

Speaking with Reuters, he said: “We have to have a balance. Is $200 million too low? I believe $600 (million) is something where it is right for the current market.”

1978 F1 champion Mario Andretti spoke with PlanetF1 about how getting approval from the FIA was the biggest hurdle, as they continue their push towards F1.

“I feel that probably the most difficult part was being approved by the FIA,” he said.

“That was serious business – the system was very robust, and look how many teams applied.

Mohammed Ben Sulayem is looking to expand the F1 grid

“There were no favours there, we had to comply with every aspect and check every box. There was no fudging here or fudging there.

“There was no personal aspect as part of it. You either do it or you don’t, either you commit or you don’t.

“So we did all that and that’s what gives me confidence that, ultimately, reason will prevail, because how else can you show instead of talking? By doing, we’re doing things and taking somewhat of a financial risk. There is a financial risk, no question.

“But I think we’re going into this with open eyes, we’re not stupid. We know what we’re up against. We know the immense complexity of the project, all of this was studied before we even started thinking about it.

“So I think we’re well prepared to meet the ultimate challenge here, and we just need the opportunity, ‘OK, boys, you’re in’, and that’s it.”

Formula 1 FIA Silverstone Mohammed Ben Sulayem Pat Symonds