This winter, Michael Andretti, owner of the legendary American team of the same name and son of 1978 World Champion Mario Andretti, revealed his desire to create his own Formula 1 team by 2024. The project may seem too ambitious, but it is the most serious in recent years, and Andretti has already found a possible engine manufacturer and sponsors, although in the paddock his possible arrival has generated divided opinions.
The most optimistic believe that the arrival of such a name in F1 would increase the value of the sport, and that all teams would benefit from it. On the other hand, skeptics know that the arrival of a new team would mean sharing the commercial rights with one more rival, and therefore there would be a lower share for all.
What does F1 CEO Stefano Domenicali think? According to him, having a new team is not a bad thing, but it is not a priority either. “We have received many requests,” explains the Italian. “How many? More than one… and less than eight!” the category director told Martin Brundle on Sky Sports F1 television.
“There are those who have not hidden their intentions, even from the public, and there are those who are conducting very confidential negotiations. Personally, I do not think that the number of teams present today is a brake from the point of view of the show.”
“I am convinced that the priority is to work to improve the competitiveness of some teams that are already there. I don’t think that increasing the number of teams adds value, unless they are higher quality teams.”
According to the executive, inflation and rising costs are challenges that could threaten the viability of some structures. For this reason, the budget limit must remain consistent, without favoring some teams more than others with the measures adopted by F1.
“There are two big problems in this matter,” continued Domenicali when asked about F1’s economics and the budget cap. “The first is control, because in the event that those in charge of analyzing the expenses miss something, then the entire system collapses.”
“Nowadays it is not enough to look only at the technical aspect, a strict control of the finances is necessary, and that is why the FIA is equipping itself to be as solid as possible as a controller.”
“The second problem is related to variables that were difficult to predict when the financial regulations were launched,” continued Domenicali.
“Inflation is unpredictable, and transport costs have also risen in recent weeks in a way that is difficult to predict. There will be discussions to find the right solutions, but always with the same goal: to guarantee the same opportunities for all.”
