Photo: Audi AG
Ladies and gentlemen, it looks like the Formula 1 grid is finally going to see some new blood! The FIA president has announced that he's opening up the floor to expressions of interest for potential new teams to join the elite racing series.
This comes as a surprise, as the grid has been stagnant at ten teams since Manor collapsed at the end of 2016. But with F1 enjoying a recent commercial boom, a number of parties have come forward expressing their desire to join the grid.
"I have asked my FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA F1 World Championship", said Mohammed Ben Sulayem, president of the FIA (Fédération Internationale de l'Automobile) on a social media platform.
The most notable of these is Andretti Global, headed up by none other than racing legend Michael Andretti. While the FIA has previously not indicated that it would consider new teams through a tender process, the president's recent tweet has set the wheels in motion for a formal approach to begin. This could pave the way for Andretti and other interested parties to join the F1 grid in the future, though there will still be a number of hurdles to overcome.
Not all of the existing teams are on board with the idea of new entrants, with only McLaren and Alpine publicly supporting Andretti's plans. The current Concorde Agreement, signed in 2020, splits the prize money awarded from F1's revenue among the ten teams.
The addition of an 11th team could potentially reduce their share, so a dilution fund was written into the agreement to require any new entrant to pay a fee of $200 million, which would be split between the other teams. Andretti has said he is willing to pay this fee to get his F1 operation off the ground, but some have raised doubts that it will be enough to make up for any lost revenue.
Still, there are a lot of people and teams principal who are not too happy with the idea of another team. However, we know for sure that from 2026 Audi and Porsche will most likely be a part of the grid if nothing unexpected happens to the manufacturers or the world of Formula 1. One thing is for sure, for 2023, no new faces will show up.
So, will we see a new team on the F1 grid in the near future? Only time will tell. But with the dilution fund potentially in need of readjustment to current market rates and the various hurdles that new entrants will need to overcome, it's certainly not a done deal. But we can always hope, can't we? After all, a little healthy competition never hurt anyone.
"I have asked my FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA F1 World Championship", said Mohammed Ben Sulayem, president of the FIA (Fédération Internationale de l'Automobile) on a social media platform.
The most notable of these is Andretti Global, headed up by none other than racing legend Michael Andretti. While the FIA has previously not indicated that it would consider new teams through a tender process, the president's recent tweet has set the wheels in motion for a formal approach to begin. This could pave the way for Andretti and other interested parties to join the F1 grid in the future, though there will still be a number of hurdles to overcome.
Not all of the existing teams are on board with the idea of new entrants, with only McLaren and Alpine publicly supporting Andretti's plans. The current Concorde Agreement, signed in 2020, splits the prize money awarded from F1's revenue among the ten teams.
The addition of an 11th team could potentially reduce their share, so a dilution fund was written into the agreement to require any new entrant to pay a fee of $200 million, which would be split between the other teams. Andretti has said he is willing to pay this fee to get his F1 operation off the ground, but some have raised doubts that it will be enough to make up for any lost revenue.
Still, there are a lot of people and teams principal who are not too happy with the idea of another team. However, we know for sure that from 2026 Audi and Porsche will most likely be a part of the grid if nothing unexpected happens to the manufacturers or the world of Formula 1. One thing is for sure, for 2023, no new faces will show up.
So, will we see a new team on the F1 grid in the near future? Only time will tell. But with the dilution fund potentially in need of readjustment to current market rates and the various hurdles that new entrants will need to overcome, it's certainly not a done deal. But we can always hope, can't we? After all, a little healthy competition never hurt anyone.
I have asked my @FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA @F1 World Championship
— Mohammed Ben Sulayem (@Ben_Sulayem) January 2, 2023
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