Chances of new F1 team in 2024 season increase

Michael Andretti, the son of former F1 world champion Mario Andretti and the owner of Andretti Autosport, has reportedly applied to field a new F1 team starting in 2024.

After a previous bid to takeover the Sauber-run Alfa Romeo outfit failed, Andretti has reportedly decided to field an independent operation built from the ground up. The new development was confirmed by Mario Andretti in a statement released on Twitter.

Speaking in an interview with Racer soon after the announcement, Andretti Sr., said:

“To be honest with you, all along he (Michael) had this idea of ‘well, if this doesn’t work, we might have to start our own team’. He started talking about possible connections — that’s how he pretty much lined himself up with an engine supplier and some of the aspects where, if you don’t have anything like that at least promised, then what’s the point? Also, he has some very, very interesting, and powerful individuals ready to come on board as soon as this thing becomes official, with how to guide him and how to be involved in a start-up operation.”

The new outfit — Andretti Global — is reportedly well-funded and has attracted a few “powerful individuals”. During the interview, Andretti refused to name these individuals but felt confident that the new entry would be approved by the FIA.

Meanwhile, according to a clause within the new Concorde agreement, any new F1 team wanting to enter the sport has to pay a $200 million entry fee that was introduced to protect the existing teams' bottom lines. Andretti Global is reportedly willing to pay up the entry fee.

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New F1 team will field at least one driver from the United States

Michael Andretti reportedly intends to field at least one driver from the United States if his new outfit is approved to race in F1 starting in 2024.

According to Mario Andretti, the new outfit ideally wants both its drivers to be from the US. Speaking in an interview with RN365, the American said:

“With the US having two races here now. If Michael enters, for sure he’ll have at least one American driver, if not two. Otherwise, I don’t know when it’s gonna happen to have an American driver in Formula 1. I’m also speaking to some interesting people on the technical side in England that will be joining us, so we’re going for the top.”

F1 has seen unprecedented growth in the United States in recent years, following Liberty Media’s takeover. In an effort to the capture the increased popularity, FOM has been looking into increase the number of races being held in the country. While the Miami Grand Prix is scheduled to join the existing race in Austin, a third race in Las Vegas is currently under consideration.

Meanwhile, teams such as McLaren and Haas have also shown keen interest in bringing in talent from across the Atlantic.