SEPTEMBER 23, 2023

Andretti clears another hurdle on road to F1

Andretti has cleared another hurdle in its quest to race in Formula 1 from 2025.

The same, however, cannot be said of another interested new entrants, including Rodin Carlin and Hi-Tech, who are believed to have now been told by the FIA that their applications amid the tender process were rejected.

Also rejected is a group called Lkysunz, despite its CEO Benjamin Durand announcing that it is actually willing to come up with a $600 million entry fee rather than the existing $200m.

We have heard the comments of the teams and we wholeheartedly recognise the effort, commitment, and investment that they've poured into the sport alongside the Formula 1 Group and FIA to bring it to its current level, he said.

With the news of our additional funding, we are delighted to confirm that Lkysunz is prepared to meet the teams' request and pay a $600m anti-dilution payment despite this current cycle of the financial regulations stating $200m.

However, only Andretti is understood to have secured the green light from the FIA, while commercial negotiations with Liberty Media are also said to be going well.

The FIA and F1 are yet to confirm the latest reports.

We're just going to wait and see how the process plays out, said McLaren CEO Zak Brown.

I think the one thing I would say is the value of a Formula 1 team and an entry, from what it was five years ago, is worth substantially more now. So I think that that element needs to be discussed.

If the latest reports are true, however, the FIA has now put the fate of the newly-rebranded Andretti Global into the hands of F1 CEO Stefano Domenicali.

I'm sure Stefano knows how to deal with this in our best interest, said Haas boss Gunther Steiner. We put our faith in FOM to deal with it.
(GMM)