In May 2022, at the Miami Grand Prix, Michael Andretti attentively listens to FIA president Mohammed Ben Sulayem on the grid.
Off the back of being advised by FIA president Mohammed Ben Sulayem to buy an existing team, now Andretti may need to be prepared to pay substantially more if they persist as a new entry.
The union of Andretti and General Motors brand Cadillac received the support of the FIA in their attempts to become a new 11th Formula 1 team, but Formula One Management has so far not budged in its resistance to the American outfit.
Andretti may need to pay $600 million instead for F1 entry
Additional reporting by Thomas Maher
Andretti remains undeterred despite facing setbacks. The team has recently made significant moves, such as securing the services of former F1 chief technical officer Pat Symonds and establishing a new base at Silverstone. However, their initial plans were disrupted when the FIA president unexpectedly suggested that Andretti should consider purchasing another team. This comes as a disappointment, considering Ben Sulayem’s previous support for Andretti’s involvement in expanding the F1 grid.
If Andretti were to continue pursuing their goal of becoming the 11th F1 team, the entry fee they would need to pay could potentially triple from its current amount. Currently, there is a $200 million anti-dilution fee in place for new teams, which is divided among the existing constructors. However, according to Ben Sulayem, it is believed that the new Concorde Agreement, which is currently being negotiated, would require the fee to increase to $600 million.
“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,” Ben Sulayem told Reuters.
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Mario Andretti reveals ‘bullet through my heart’ comment over F1 team entry
In a recent interview with PlanetF1.com, Mario Andretti, the 1978 World Champion, emphasized that the greatest challenge lies in successfully navigating the FIA’s inspections. He revealed ongoing efforts to persuade Formula 1 to unlock the door that has remained closed.
“In an exclusive interview, he expressed that obtaining approval from the FIA was likely the most challenging aspect.”
“That was a substantial matter indeed; the system exhibited exceptional strength, evident by the multitude of teams vying for it.”
There were no special treatments given; we had to adhere to all requirements and fulfill every criteria. There was no room for deception or cutting corners.
There was no element of personal choice involved. It was a matter of either doing it wholeheartedly or not doing it at all.
We undertook all those actions, which is why I am certain that rationality will ultimately triumph. After all, actions speak louder than words. By taking action, we are demonstrating our commitment and taking on a certain level of financial risk. Undoubtedly, there is a financial risk involved.
However, we are approaching this situation with awareness and intelligence. We fully comprehend the challenges ahead and acknowledge the extensive intricacy of the project, which we thoroughly researched prior to considering it.
I believe we are fully ready to face the ultimate challenge at hand. All we require is the chance to prove ourselves with a simple command, “Alright, boys, you’re in”, and that will be sufficient.
The Formula 1 grid has not featured 11 teams since 2016.
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