A New Formula 1 Team Might Be Hitting The Grid In 2024
— 21 February 2022

A New Formula 1 Team Might Be Hitting The Grid In 2024

— 21 February 2022
Garry Lu
Garry Lu

1978 Formula 1 champion Mario Andretti has made a stunning revelation on Twitter. While publications were busy dumpster diving for scraps surrounding Porsche’s potential return to the grid/Audi’s potential debut, the 81-year-old motorsport legend’s son Michael – who himself raced for McLaren circa 1993 – quietly bid to enter a new F1 team for the 2024 season.

“His entry – Andretti Global – has the resources and checks every box. He is awaiting the FIA’s determination.”

Mario Andretti

The younger Andretti has been angling for a way in these past few years, chasing the glory of his career-best P3 finish at Monza; as well as to complete the final price of his motorsports empire. Last October, he reportedly came close to inking a deal with Islero Investments to take over Sauber and place his IndyCar driver Colton Herta in the series. Sauber, of course, runs Alfa Romeo. But according to the IndyCar boss, control issues emerged at the eleventh hour, torpedoing the “advanced discussions.”

“It was a deal we had to step away from because we couldn’t accept it,” says Michael Andretti.

RELATED: Porsche Is Reportedly Considering A Return To Formula 1

Previous to that, Michael Andretti had been eyeing up a take over of Force India when its assets were up for grabs back in 2018. Force India would eventually rise from the ashes as Racing Point under the guidance (and fuelled by the $$$) of Canadian billionaire Lawrence Stroll, before eventually rebranding as Aston Martin Cognizant we know + love today.

“He’s been working so hard to go for an alternative… if he can’t buy an existing team, he and his group have decided they would embark on this venture,” explains Mario Andretti.

According to Autoweek, the elder Andretti has revealed that personnel have been scouted, assurance over an engine supply has been reached, and the entire operation would likely base itself in the United Kingdom. The proposed manufacturing facility, on the other hand, would be located in Indianapolis (near Andretti Global’s IndyCar headquarters).

Effectively, this could very well be the second United States-led competitor in the current F1 lineup following the last “new team”, HAAS, which entered the grid in 2016. Incidentally, former HAAS driver Romain Grosjean is now employed by Andretti as a driver in the NTT IndyCar Series. Meaning this could double as Grosjean’s third chance back into the big times (optimistic, I know).

RELATED: Audi On Track To Confirm Formula 1 Entry In Early 2022

“With his group [Andretti Autosport], they’re willing to go into it with both feet, as you can imagine, and they’re thinking as far ahead as being involved in feeder series like Formula 2 and Formula 3,” adds Mario Andretti.

“If you look at all the disciplines he’s been in, the ultimate goal for a long time for him has been Formula 1, and he felt it rather be sooner than later.”

“Time is of the essence to be able to have a car on the grid in 2024, so he’s trying to hopefully get all the ducks in order as quickly as possible to finalise these things, and they’re pending right now.”

Michael Andretti’s application awaits approval from Formula 1’s governing body: the FIA. Additionally, should Andretti Global receive the green light to become an F1 team, the payment of a US$200 million / AU$278 million anti-dilution fund to protect existing teams will also be required, as per the new Condorce Agreement; which has made purchasing existing teams that much more difficult (expires in 2025).

UPDATE: There’s a spanner in the works…

An FIA spokesperson has issued the following statement (via The Race):

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.

It’s consistent with the sentiments of Formula 1 CEO Stefano Domenicali, who downplayed the possibility of expansion last year, suggesting he was perfectly happy with 10 teams on the grid.

“I can definitely tell you that after the introduction of the budget cap, we are receiving a lot of requests,” Domenicali told Autosport.

“But I do believe that it’s important to keep the value of the actual franchises or teams – because that really can make the difference in terms of their sustainability.”

“I would prefer to keep a better sustainability with the teams that actually here.”

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Garry Lu
After stretching his legs with companies such as The Motley Fool and the odd marketing agency, Garry joined Boss Hunting in 2019 as a fully-fledged Content Specialist. In 2021, he was promoted to News Editor. Garry proudly retains a blue belt in Brazilian Jiu-Jitsu, black bruises from Muay Thai, as well as a black belt in all things pop culture. Drop him a line at [email protected]


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