America edges closer to gaining a second F1 team after Andretti Autosport ‘receive HUGE financial backing from private equity firm… and company will cover entire $200m entry fee to get them on the grid’
America has moved a step closer to gaining a second Formula One team, after Andretti Autosport reportedly received huge financial backing from a private equity firm.
The group, led by Michael Andretti – son of former F1 champion Mario – currently has teams in various series, including IndyCar, Formula E and Extreme E, but has yet to break into the F1 market.
Now, though, it appears the Formula One dream is a step closer, as Front Office Sports reports they have received a cash injection from private equity firm Guggenheim Partners, who have $285billion in assets under management.
Mario Andretti is a Formula One legend and his name could soon be back in the sport
As it stands, Haas are the only American-based team on the grid, but that could change soon
The report claims that Andretti will have their $200m F1 entry fee covered, while they are also being provided $200m funding for their facility in Indiana.
The group are yet to receive approval from the FIA, and it is as yet unclear whether they could be added to the grid as an 11th team, or would need to wait for a space within the current 10 to become available.
F1 is starting to make huge waves in America, with the competition now owned by US-based Liberty Media.
Haas F1 are already on the grid, and based in Kannapolis, North Carolina, while Logan Sargeant is set to become the first American driver since 2015 when he gets behind the wheel of a Williams in 2023.
Next season, there will also be three races on US soil, with Las Vegas joining Miami and Austin on the calendar.
Andretti Autosport, led by Mario’s son Michael (center), has received huge financial backing
The group currently has teams in various series’, including Formula E (pictured above)
Mario Andretti is far and away the most successful American F1 driver in history, having won the title in 1978, and therefore the team bearing his name has been constantly linked to a move into the sport.
It has also been claimed that NASCAR is another potential avenue for Andretti Autosport following its cash injection, although all eyes are currently on F1 to see if they can break through.
Just a decade ago, there were 12 teams on the grid in F1, but the likes of Caterham and HRT were unable to secure the necessary funding to keep their position and were forced to pull out of the series.
Logan Sargeant will become the first American driver in Formula One since 2015 next season
F1 is getting bigger in America, with television audiences growing year on year
Any additional teams would need an agreement from the current occupiers of the grid, but F1 CEO Stefano Domenicali is certainly not against the change.
As quoted by gpfans, he said: ‘It is not a problem having one more team to have better racing. Therefore, we will see and monitor the situation.
‘If there would be a real, credible new entry that wants to discuss with us, we are ready to discuss.
‘But we are not in a rushed position today for that.’
