Andretti confirms applying for Formula 1 entry in 2024 season

Michael Andretti, son of legendary motorsport figure Mario Andretti, is attempting to enter Formula 1 in 2024. This was confirmed by Mario on social media.

This wouldn’t be the first time in recent memory that the team are looking to enter the sport. They also tried to buy the Sauber team, currently racing as Alfa Romeo in F1.

And while that deal fell through, it has not deterred the organisation from trying to enter the sport.

“Michael has applied to the FIA to field a new F1 team starting in 2024. His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA’s determination,” Mario said in a tweet.

Michael has applied to the FIA to field a new F1 team starting in 2024. His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA’s determination.

— Mario Andretti (@MarioAndretti) February 18, 2022

It’s also worth noting that the organisation have a long-standing interest in entering F1. This isn’t something they have come up with merely to expand their current interests.

What’s more, the sport is currently on the up in the American market. The United States GP, held in Austin, will carry on until at least 2026.

And 2022 will also see the debut of the Miami GP on a street circuit in the beach city in Florida. Having another American team would be in the best interests of the sport.

Why Andretti are keen to enter F1

The only American team currently on the grid are Haas. It is also worth noting that they were the last new team to enter F1, all the way back in 2016.

Since then, F1 has seen a period of relative stability as far as new teams are concerned. Rebrandings have taken place – Force India became Racing Point and then Aston Martin, Renault became Alpine and Toro Rosso became AlphaTauri.

But the teams have by and large been stable, something that will be helped by F1 introducing a proper cost cap from 2021 onwards.

This has a double effect; it ensures teams are on a more even footing while ensuring newer teams don’t have to spend crazy money and then inevitably pull out a few years later.

And Andretti does have some history in F1; Mario was the world champion in 1978 and son Michael also briefly raced in the sport.

That being said, there will be other costs to bear. F1’s current Concorde Agreement, signed in 2020, introduced a $200m anti-dilution fund for any new team entering the sport.

This money would be evenly distrubuted among the current teams and is a way to ward off teams without the means to compete long-term.

Whether Andretti can meet this figure – or have it waived off – remains to be seen. But this is only the start of a long process if they are to properly enter F1.