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Saturday, June 22, 2024

FIA President Green-Lights New Formula 1 Teams

  • FIA president Mohammed Ben Sulayem is ready to start vetting potential new entrants into Formula 1.
  • Andretti Autosport is known to be interested.
Formula-1
Jerome Miron-USA TODAY Sports

Traffic on Formula 1’s tracks could get a little heavier.

Mohammed Ben Sulayem, president of F1’s governing body FIA, tweeted that he has asked his team at FIA “to look at launching an Expressions of Interest process for prospective new teams” for F1.

  • F1’s teams split their share of the series’ revenues. A new team would have to pay $200 million to offset the revenue dilution to other teams.
  • F1 earned $715 million in the third quarter of 2022.
  • Haas, which entered in 2016, was the last new team to join F1, but the exit of Marussia Virgin Racing has kept the number of teams at 10. 

The Virgin team, originally known as Manor Grand Prix, was one of three teams that have departed since entering in 2010. 

Looking to Merge

Andretti Autosport may have the inside track to enter F1.

The group, run by Michael Andretti, son of F1 legend Mario Andretti, received funding from Guggenheim Partners to cover a potential F1 entry fee and infrastructure investments. 

Andretti is constructing a $200 million, 575,000-square-foot facility in Indiana to house its racing operations, which is set to open in 2025. 

Billionaire Calvin Lo has also expressed interest in founding an F1 team.

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