Michael Andretti has applied to field a new Formula One team in 2024 namely Andretti Global, according to a tweet from his father Mario Andretti.
Michael Andretti has filed to join the Formula One grid as an 11th constructor for the 2024 season, as part of his aspirations to develop a second US team.
Mario Andretti, the 1978 Formula One winner, revealed the news on Twitter, saying that his son had previously filed for a spot and that he “has the means and checks every box.”
According to Mario in an interview with the Indianapolis Star, the team would be based in England and will be known as Andretti Global. The F1 cars, however, will be produced in Indianapolis, where Andretti Autosport’s IndyCar and Indy Lights teams are located, in a new factory.
In addition to seeking an entry in Formula 1, Andretti has teams in Formula E, Extreme E, and IMSA. He has been eyeing a move to Formula One with the American-led Haas team for some time, and was on the verge of purchasing the Alfa Romeo-branded Sauber team last year.
The purported $300 million Sauber-Andretti agreement fell through due to “management concerns,” according to Michael Andretti, who also told Racer that “our eyes are always going to stay open.”
Formula 1 has always had the option of adding more teams, but the Concorde Agreement, which defines the series’ entry terms and commercial rights, imposes a $200m fee to join the currently ten-team grid. The existing teams then receive the funding to compensate for losing a portion of commercial revenue to the new team.
“Michael has been working on this for quite a long time, but he’s taken a different direction since there’s no teams available to buy,” Mario said.
“They’re far enough along that, if they get the approval to be added to the 10 teams that exist in F1, they’re ready to go the next day and put everything in place.”
Because of Formula 1’s increased popularity in America, as well as its new cost cap, finding enough sponsorship to sustain the team will be relatively easy for Andretti.
Last year, compared to 2020, viewing figures jumped by 58 percent, with 400,000 people attending the US Grand Prix throughout the weekend. This year, the Miami Grand Prix has been added to the schedule.
