Toto Wolff, Mercedes F1 boss, claims that Andretti Global requires to establish its ability to join Formula 1. He claims that a new team requires $1bn to remain competitive in the sport.
Andretti recently revealed its engagement with the FIA over a possible entry into F1 from 2024. It failed earlier in its quest to buy Sauber/Alfa Romeo in 2021.
A new team has to pay $200m as entry fee to the authorities under Concorde Agreement. The entry fee is introduced to compensate the teams for their potential loss of income.
Wolff acknowledged the Andretti and its potential value. However, he stressed on the extensive requirements, financial and otherwise, of the FIA, and F1.
“Andretti is a name, that’s for sure,” said Wolff.
“And the American market is important. But every team that is joining needs to be accretive, that means needs to add value.
“And it’s not only it’s not only by paying $200 million entry fee. But it needs to demonstrate in my opinion what it can do for the other teams, for F1 and FIA. Only then the sport will grow.
“We are the absolute pinnacle, this is the Champions League, or the NFL, and redistributing franchises is not the goal, that’s not how it should be, and it’s not the intention of F1 and the FIA neither.
“But if there is a real brand coming in with good people, necessary funding, not only the 200 million but probably you need more like a billion if you want to play in this club straight from the get go. And then why not?”
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Horner concurs Wolff
Christian Horner, Red Bull team principal, shared the same opinion with Wolff. He also claims that Andretti would require to prove the required credentials.
“I think it’s great that there’s the interest for people wanting to enter F1,” said Horner.
“The Andretti name is certainly a powerful name in motorsport. And, of course, they’re not the only ones that are making noises about coming in.
“But there are clear criteria through the Concorde Agreement that have to be met and approved.
“So I’m sure they’re engaged in that in that process. And of course, that agreement is there to protect the 10 incumbents and not to dilute that. So obviously, that would need to be carefully looked at.”
