Michael Andretti bids for Formula 1 field team in 2024
Mario Andretti has announced on Twitter that his son, Michael, has applied to field a Formula 1 team in 2024 and is awaiting news from the FIA.
“Its entry, Andretti Global, has the resources and checks every box,” Andretti said. “He is waiting for the FIA’s decision.”
Young Andretti was in talks last year to take over Formula 1 team Alfa Romeo from Sauber; however, the two parties could not have reached an agreement. According to Auto Motor and SportAndretti would have had to pay a bank guarantee of $250 million to operate the team for the next five years in addition to a supposed $350 million purchase of the team.
A new cost cap in place left the current 10 Formula 1 teams in good financial health at that time, and according to Motorsport.com“there are no more bargains for potential buyers, with rising ‘deductible’ values.”
However, the sport introduced a $200 million entry fee for new teams. An FIA spokesperson said Reutershowever, that they are not considering adding any new teams at this time.
“The FIA is currently unable to review or comment on any expressions of interest or applications received from potential new entrant teams relating to the FIA Formula One World Championship,” a spokesperson said. word of the organization based in Paris.
As F1 continues to thrive in the United States, there is still hope that an American driver will join the ranks, all the more so with two races in the United States this coming season – Miami and Austin. There hasn’t been an American in Formula 1 since Alexander Rossi took part in five Grand Prix races with Marussia in 2015.
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