Any new team entering Formula 1 will have to pay a $200 million ticket — but some existing teams think that’s too cheap.
Andretti Global is preparing a bid with Cadillac, and executives at other teams are reportedly questioning whether they would be a net positive for F1.
- An F1 executive suggested a fee of $600 million to $700 million would be more appropriate than the existing one of $200 million.
- The fee is to offset revenue and prize-money dilution for the other teams, but the executive suggested that it would only amount to two years of covered costs.
- Some have pointed to the Seattle Kraken’s $650 million NHL expansion fee as an appropriate benchmark.
Andretti CEO Michael Andretti hit back at the F1 teams opposing his bid, saying, “It’s all about money.”
“First, they think they are going to get diluted one-tenth of their prize money, but they also get very greedy, thinking we will take all the American sponsors as well.”
While Cadillac would be involved with the construction of an Andretti F1 car, another automaker, perhaps Alpine — which has supported Andretti’s bid — could supply the team’s power units.
The American-owned Haas team has sought to lean into its national identity by selecting MoneyGram as its title sponsor, starting this year.
Andretti’s ambitions don’t end with Formula 1. The CEO said he is looking into entering the NASCAR Cup Series once the bid for Formula 1 is settled.
Andretti has teams in IndyCar, Formula E, and Extreme E, among others.