Under F1’s most recent Concorde Agreement signed by the 10 current teams midway through 2020, a new team would have to pay a $200 million fee, though there has been speculation recently that it could be waived. Insider: Michael Andretti tried, and failed, to buy F1 team. He is awaiting the FIA's determination.īuilding an empire: How Michael Andretti built a global racing brand

His entry, Andretti Global, has the resources and checks every box. Michael has applied to the FIA to field a new F1 team starting in 2024. “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. “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 told IndyStar. He clarified, adding that Gainbridge, whose parent company is Group 1001 and serves as primary sponsor for Andretti Ind圜ar driver Colton Herta, is not partnering on the deal. Honda, Andretti's engine partner in Ind圜ar, exited the F1 engine-making business this offseason, with Red Bull allowed to use the technology and build engines for itself and AlphaTauri through the end of the 2024 campaign.Īdditionally, Mario told IndyStar that Dan Towriss, the president and CEO of Group 1001 (an Indiana-based insurance holdings company), is partnering with Michael Andretti in the team. Renault, which runs in F1 under its sports car brand 'Alpine,' most recently served as an engine supplier for McLaren in 2020 and currently makes its own engines.

At the moment, Mercedes supplies power units for itself, Williams, McLaren and Aston Martin, while Red Bull makes engines for itself and sister team AlphaTauri, and Ferrari for itself, Alfa Romeo and Haas. Mario said the team has already secured an engine partner, though he wouldn’t confirm the automaker.

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