The Formula 1 governing body is about to begin a process of planning for an expressions of interest for new teams to expand the Formula 1 grid, according to FIA president Mohammed Ben Sulayem, who confirmed the information this week.
The decision could help American Michael Andretti’s Andretti Global Formula 1 project, that has revealed its goal to enter the series in 2024, but which has so far met little encouragement from most of the current Formula 1 teams and the Formula 1 bosses.
Billionaire Hong Kong businessman Calvin Lo is considering a plan to set up a Formula 1 team starting with the 2026 championship.
“I have asked my @FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA @F1 World Championship,” International Automobile Federation (FIA) head Mohammed Ben Sulayem posted on social media yesterday.
American side Haas is the latest team to have entered Formula 1, making its debut seven years ago. In 2016 there were 11 teams competing in Formula 1, before the collapse of the Manor outfit ahead of the start of the 2017 campaign, when the sport remained with ten teams. Since that moment, the FIA gave no signs of taking into consideration proposals from possible new entries with a clear and formal process.
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Manor were one of three new outfits, all now defunct, who joined the series more than a decade ago.
Former Ferrari boss and Formula 1 chief executive officer Stefano Domenicali confirmed a few months ago that Formula 1, that may include a record-breaking schedule of 24 rounds in 2023, is increasing in global popularity but pointed out that the sport does not need more than the current teams.
McLaren and Renault-owned Alpine were the only sides to support Michael Andretti’s Andretti Global F1 project but Mercedes, Red Bull, Ferrari and the rest have expressed doubts regarding the commercial advantages of a new entrant.
The current version of the ‘Concorde Agreement’ between teams, the governing body and Formula One states that the the total revenues generated by the sport are split between the ten teams, which means that a new entrant would dilute the prize for the rest.
As a result, any new entrant has to pay a $200 million fee to join Formula 1, with the money that will be split between the existing teams as compensation.
Andretti Global pointed out that the presence of another American-owned team in Formula 1, alongside the upcoming three races in the United States scheduled for the 2023 season, including the first edition of a Las Vegas night event, will further increase the interest in the sport and should in fact be welcomed by Formula 1’s American-based owners Liberty Media.
Michael Andretti, son of 1978 world champion and former Ferrari driver Mario Andretti, already has several other motorsport projects in IndyCars, Formula E and Extreme E. His name could in fact bring an even stronger brand recognition to F1.
For now what is certain is that Formula One will have a new power unit supplier from 2026, as Audi will turn Swiss-based Sauber into their factory team.
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