Motor racing-Potential Andretti entry needs to add value to F1, say team bosses

Formula One bosses on Wednesday said they would welcome an Andretti-owned entry joining the grid as its eleventh team, but only if it added value to the sport.

Former world champion Mario Andretti last week announced that his son Michael had made an application to the governing FIA to put a third American-owned team, Andretti Global, on the grid by 2024, joining Haas and U.S.-owned British outfit Williams.

The FIA in response said it wasn't in a position to consider interest from new teams with the sport focused on prioritising the health of its existing ten-strong field.

"I think it's great that there's the interest from people wanting to enter Formula One and the Andretti name is certainly a powerful name in motorsport...," said Red Bull team boss Christian Horner at a news conference.

"But there is a clear criteria through the Concorde Agreement that has to be met and approved."

The latest Concorde Agreement, signed in 2020, introduced a cost cap and a fairer distribution of prize money in order to put teams on a sustainable financial footing.

It also set a $200 million entry fee for new teams to protect existing competitors against a dilution of their share of the prize money.

"We are the absolute pinnacle, this is the Champions League or the NFL and redistributing franchises on the go that's not how it should be and it's not the intention of Formula One and the FIA either," said Mercedes team boss Toto Wolff.

"But if there is a brand coming in with good people, necessary funding, not only the $200 million, but probably you need more around a billion if you want to play in this club straight from the get go, then why not?" added the Austrian.

The U.S. is a key market for F1, where it has seen a surge in popularity driven by Netflix show "Drive to Survive".

The country will host two races this year, while American companies have also been stepping up their involvement.

Michael Andretti already has interests in IndyCar, Formula E, Extreme E and sportscars, and held talks to buy Alfa Romeo last year.

Those negotiations broke down over "control issues," said the former IndyCar champion who briefly raced in F1 for McLaren.

"I welcome it if it's accretive," said Alpine chief executive Laurent Rossi.

"I think Andretti could have that potential because of all the U.S. aspect of it."