Record television numbers, a sold-out crowd and an influx of stars helped make the Miami GP one of the biggest Formula 1 events to date, also laying the groundwork for expansion to three American races next year, once Las Vegas is added to the schedule.
However, for Michael Andretti , more needs to be done to increase the interest of the Americans in the Grand Circus, which would be achieved by getting another team and a driver on the grid.
Ever since his father Mario , the 1978 F1 world champion, revealed his plans in February, Andretti has been working to secure his entry into Formula 1 from 2024 and set up a new project, having seen his attempts to take over Sauber last year fell on deaf ears at the last minute.
Andretti was in Miami for a series of meetings discussing his plans with team bosses, F1 officials and FIA president Mohammed Ben Sulayem . However, the response from the paddock has been lukewarm at best.
“There are millions of people who support him,” Andretti said. “It’s just not the right people right now.”
None of F1’s current stars would deny that having a second American team, joining a Haas that has rarely relied on its national identity, would be a huge boost to the grid, especially given the reputation and scale of the current Andretti operation. The family brand is present in IndyCar , Indy Lights , Formula E , Extreme E and Supercars and knows what it takes to be successful and sustainable.
“The Andretti name has a great history in Formula 1 and various motorsport categories, and I think it would add a lot of value,” said McLaren boss Zak Brown, who co-owns the Walkinshaw Andretti United Supercars team. “A very credible racing team with an equal brand, with the right resources, I think brings value to the series.”
Colton Herta, the American pilot who, in principle, would land in F1 at the hands of Andretti
Andretti’s entry would not be a repeat of efforts by Caterham , HRT or Marussia in the early 2010s, which were dissolved within a few years. But while Andretti’s interest points to F1’s current strengths, it is for that very reason that teams already on the grid are unwilling to let someone else join their exclusive club.
“Today we have 10 entries, and we split the prize fund between those 10,” Mercedes boss Toto Wolff said. “We have invested considerable amounts in the last 10 years. Each of the organizations that are sitting here [at the press conference] have put probably more than a billion in Formula 1 projects throughout the seasons.
“So it has to be cumulative. If one team comes in, how can you show that you’re bringing in more money than it really costs? Because the 11th team is a 10% dilution for everyone else.”
This fear of a shrinking share of the pie is something F1 teams tried to address through negotiations for the latest Concord Agreement, which was signed in 2020. Recognizing that a new team would mean a smaller slice for all, a quota of 200 million dollars was established for any interested party, which would be divided among the 10 current teams. In this way, it was ensured that any new entry would have to be serious, given the money it had to contribute, in addition to protecting the value of existing sets.
Andretti has maintained from the start that he has the $200 million to qualify. But, with business still booming for F1, the fear is that this may not make up for the dilution of revenue that teams would encounter. “The value of Formula 1 is that it has a limited number of franchises,” said Wolff. “And we don’t want to dilute that value just by adding teams.”
Red Bull boss Christian Horner acknowledged that money will always be an “important factor” in the talks, and that the onus is on F1 as the commercial rights holder to decide which approach it wants to take.
“If they want more teams, obviously they are going to have to dilute their share of the fund,” said the Englishman. “Because it would be unfair to expect the other teams to indirectly pay for the additional new entrants that come along.”
Mattia Binotto greeting Mario Andretti
Horner considered that the canon of 200 million dollars put a “minimum value” to any participant, but stressed the importance of thinking long term.
“It’s the first time in memory that we have 10 healthy teams,” Horner said. “The $200 million is a significant amount of money. But, in this business, when you divide it among the participants, it doesn’t add up to much. And it’s one time, it’s not $200 million every year. So, at In the end, a conversation like this will always come down to economics.
“It is true that although the current 10 teams are sustainable, and today we are going in a very good direction with F1, it may not remain so in the next five or ten years,” added Frederic Vasseur , Alfa Romeo boss. “We have to be careful to avoid the situation that was before COVID-19 and during this stage, that you are in the last third of the grid just in survival mode.
The challenge for Andretti will be double. He not only needs to show that he has all the resources to make a new team credible and competitive, but also show that the impact of a new team will outweigh the dilution of prize money for the rest of the field.
The fact of being an American team and planning to line up a driver from the same country, which at the moment is personalized in Colton Herta , will surely support Andretti’s arguments. Yet the rise of Miami and the lure of Las Vegas may be seen by skeptics as more beneficial to F1’s growth than a team from this nation could generate.
Andretti has to go through a long process if he wants to make his F1 dreams come true. The FIA has yet to formally announce any interest in creating a new team, although Andretti said Ben Sulayem would be “supporting the process”. There are already plans to start creating an F1 facility in Indianapolis this summer, which would work in conjunction with an existing site in Europe. Andretti recognized that it is a risk, but believes that it is worth taking: “We have to put everything in motion.”
F1 must consider the added value a new team would bring to the series, the extra security of having another entrant should one drop out, and how it may affect future prize payouts. The structure that it has now works for those who are already sitting at the table, which means that they will have to be convinced, beyond the 200 million dollars necessary, to change.
