Andretti is now one step closer to joining the F1 grid, with their bid securing approval from the FIA. The next crucial step lies in the hands of F1's owners, who will now embark on commercial discussions.
The American outfit, Andretti, has forged a partnership with General Motors' Cadillac to become the 11th team on the Formula 1 grid.
In January, the sport's governing body, the FIA, opened applications for potential teams to join the pinnacle of motorsport. F1 has no shortage of interest from new teams as it has experienced drastic growth in popularity over the last five years. However, the Andretti-Cadillac was the only bid to make the cut and will now be assessed by Liberty Media on a commercial basis.
"We note the FIA's conclusions in relation to the first and second phases of their process and will now conduct our own assessment of the merits of the remaining application," said F1 in a statement.
The 1978 Formula One Champion, Mario Andretti, is also involved in this project, as is his son, Michael Andretti who is fronting the bid. Andretti now has to prove they can add value to the sport as a whole and not dilute it.
One of the requirements has been a £165 million anti-dilution fee to be distributed between the existing 10 teams in order to compensate them for the loss of prize money. However, it could be argued that such an amount is insignificant given the recent rise in popularity and value of the sport and its existing teams.
The existing 10 teams have been quite apprehensive about the idea of other teams joining the sport even though the sport's current Concorde Agreement allows up to 12 teams.
Many anticipate that F1 will reject the bid.
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