Andretti Formula 1 Team in 2024

[SubLGT]

Andretti applies for 2024 F1 entry

www.motorsport.com

The 1978 F1 World Champion and four-time Indy car champion broke the news on his Twitter feed on Friday.

He wrote: "Michael has applied to the FIA to field a new F1 team starting in 2024.

“His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA's determination."

Michael Andretti confirmed to Motorsport.com that what his father had tweeted was true but that he couldn’t make any further comment.

Although his father indicates that Andretti has applied to the FIA, no formal entry process appears to be open at the moment, and it’s not clear what the procedure would be.

One big challenge that any 11th team would face is a $200m entry fee incorporated in the current Concorde Agreement, and which is a “dilution fund” designed to protect the value of the 10 current teams.

 

[atikovi]

One big challenge that any 11th team would face is a $200m entry fee incorporated in the current Concorde Agreement, and which is a “dilution fund” designed to protect the value of the 10 current teams.

What is $200m? $200 million? Misprint? The winner of the Indy 500 gets just over $1 million so no way that could be right.

 

[KS-Ryan]

F1 is not a cheap form of racing.

 

[stranger706]

It's probably correct. There's a lot more money in Formula 1. Top drivers are making $50 million a year plus bonuses.

 

[SubLGT]

In 2020 Mercedes spent around $459,000,000 on their winning F1 program. In 2021 the rules changed to give smaller teams a chance at winning races, by limiting the team budget to $145,000,000.