Mario Andretti announced on Twitter that his son, Michael, applied to field a Formula One team in 2024 and is waiting to hear from the FIA.
“His entry, Andretti Global, has the resources and checks every box,” Andretti said. “He is awaiting the FIA's determination.”
The younger Andretti was in talks last year to takeover of Sauber's Alfa Romeo Formula One team; however, the two sides reportedly could not reach an agreement. According to Auto Motor und Sport, Andretti would have needed to pay a bank guarantee of $250 million to operate the team for the next five years on top of a rumored $350 million purchase of the team.
A new cost cap in place left the current 10 Formula One teams in good financial health at this time, and according to Motorsport.com, “there are no longer any bargains to be had for potential purchasers, with ‘franchise’ values rising.”
However, the sport has introduced a $200 million entry fee for new teams. A FIA spokesperson told Reuters, though, that they are not considering adding new teams at this time.
“The FIA is not currently in a position to consider or comment on any expressions of interest or applications received from potential new entrant teams in respect of the FIA Formula One World Championship,” said a spokesperson for the Paris-based body.
As F1 continues to boom in the United States, there’s still hope of an American driver joining the ranks, even more so with two races stateside this upcoming season—Miami and Austin. There has not been an American in Formula One since Alexander Rossi appeared in five Grand Prix races with Marussia in 2015.
