Michael Andretti’s bid to have an F1 team on the grid has been denied by Formula 1’s commercial rights holder despite approval from the FIA. The decision comes as existing teams express reluctance to share the revenue with an additional team. Former Haas leader Guenther Steiner cited concerns about increased risk and economic stability echoing sentiments shared by Williams team principal James Vowles.
However, McLaren CEO Zak Brown sees potential benefits in Andretti’s entry such as increased revenue and better television contracts. Brown’s only reservation is the lack of clarity surrounding Andretti’s proposal. To join F1, Andretti would need to pay a $200 million anti-dilution fee as stipulated in the Concorde Agreement.
While specific investment figures from Andretti are undisclosed Mercedes team principal Toto Wolff suggests that successful entry into F1 could require a substantial investment potentially around $1 billion.
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