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Michael Andretti lodges new F1 team entry for 2024 [split]


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#1 ConsiderAndGo

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Posted 18 February 2022 - 20:47

So this is a pretty big deal…

https://twitter.com/...5712135170?s=21

Can’t see this getting rejected.

Edited by ConsiderAndGo, 18 February 2022 - 20:48.


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#2 Risil

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Posted 18 February 2022 - 20:49

News broken by his dad announcing it on Twitter :D

#3 Fastcake

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Posted 18 February 2022 - 20:54

Are they paying the $200 million entry fee?



#4 player1s

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Posted 18 February 2022 - 21:04

so, anyone wanna bet it will end up with him buying Haas after all?



#5 cbbcisace

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Posted 18 February 2022 - 21:07

so, anyone wanna bet it will end up with him buying Haas after all?


Mazepin’s father buying Gene out, Gene then goes and sponsors Andretti’s team maybe?

#6 Disgrace

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Posted 18 February 2022 - 21:10

If it brings Colton Herta into F1, I'm all for it.



#7 HerbieMcQueen

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Posted 18 February 2022 - 21:13

Yes please. Herta + <insert here>.



#8 boomn

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Posted 18 February 2022 - 21:14

Mazepin’s father buying Gene out, Gene then goes and sponsors Andretti’s team maybe?

Mazepin has already amassed personnel outside the front door of Haas's office.  They have been throwing cans at the front door after claims that security guards in the lobby were acting abnormal



#9 Secretariat

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Posted 18 February 2022 - 21:16

I wonder if there will be a partnership with McLaren instead. He and Zak Brown already have a working relationship currently and in the past. 



#10 OvDrone

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Posted 18 February 2022 - 21:18

Time to avenge 1993.

Love the Andrettis - bring it!



#11 Disgrace

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Posted 18 February 2022 - 21:19

I wonder if there will be a partnership with McLaren instead. He and Zak Brown already have a working relationship currently and in the past. 

 

Yeah. Given that he wanted to take over Alfa, it seems likely that he would still want to work with one of the current teams rather than attempt to do it alone, which would be foolish really.



#12 Secretariat

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Posted 18 February 2022 - 21:28

Yeah. Given that he wanted to take over Alfa, it seems likely that he would still want to work with one of the current teams rather than attempt to do it alone, which would be foolish really.

True. Plus, having followed Andretti for a long time I think he would relish the opportunity that has now presenting itself.....For him to settle a 30 year score if his organization gets ownership stake in McLaren. We will see if something like that happens.  



#13 Anderis

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Posted 18 February 2022 - 21:30

The tweet does suggest they will join as the 11th team, because otherwise:

 

Michael has applied to the FIA to field a new F1 team starting in 2024.

this doesn't make much sense.

 

Would be fantastic news if so.



#14 New Britain

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Posted 18 February 2022 - 21:30

I wonder if there will be a partnership with McLaren instead. He and Zak Brown already have a working relationship currently and in the past. 

 

McLaren already have an entry. This is a filing for a new entry - 'Andretti Global'.



#15 H0R

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Posted 18 February 2022 - 21:33

Whinedretti. Oh, god.  :rolleyes:



#16 player1s

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Posted 18 February 2022 - 21:34

The tweet does suggest they will join as the 11th team, because otherwise:

this doesn't make much sense.

 

Would be fantastic news if so.

 

That could also trigger Sauber to sell after all however. Applying doesnt mean commitment. He can pull that application any time.



#17 Secretariat

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Posted 18 February 2022 - 21:36

 

New Britain

 

McLaren already have an entry. This is a filing for a new entry - 'Andretti Global'.

 

Yeah, I saw that. I would like to see the official details for what they actually intend to do. Either way, happy he is joining up.


Edited by Secretariat, 18 February 2022 - 21:37.


#18 Izzyeviel

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Posted 18 February 2022 - 21:38

& Just where are they getting 200 million dollars from? 



#19 boomn

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Posted 18 February 2022 - 21:39

Whinedretti. Oh, god.  :rolleyes:

Is this related to his year driving in F1 almost 30 years ago, or have I missed something about his personality as a team owner in Indycar, Formula E, etc?  



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#20 owenmahamilton

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Posted 18 February 2022 - 21:41

If this happens, I wonder what PU supplier they will use, maybe they would use a Ferrari PU until the new engine regulations start, then bring an American PU supplier onboard?



#21 boomn

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Posted 18 February 2022 - 21:41

& Just where are they getting 200 million dollars from? 

Andretti raised $200 million last month through a SPAC IPO

 

edit: Michael claims that money isn't meant for F1 team purchases.  It is meant for electric automotive industry acquisition or things like that 

 “There has been a lot of speculation about how I’ve been looking to get involved in Formula 1, but we’re not going to do it through the SPAC, which is independent of Andretti Autosport.”


Edited by boomn, 18 February 2022 - 21:45.


#22 noikeee

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Posted 18 February 2022 - 21:58

Ok I didn't see this one coming. I thought interest to field a new team (rather than buying one) would be very very limited due to the 200M fee, the testing ban, and the Concorde dealings that makes it very expensive to come below 10th in the WCC.

Good news, though! Hope it happens!

Edited by noikeee, 18 February 2022 - 21:58.


#23 pup

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Posted 18 February 2022 - 22:03

McLaren already have an entry. This is a filing for a new entry - 'Andretti Global'.

Could still be a partnership of some sort for a second team, though obv it’s just a random thought at this point. No evidence that’s in the works.

#24 Misk

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Posted 18 February 2022 - 22:17

For him to settle a 30 year score if his organization gets ownership stake in McLaren.

Is there actually anyone left at McLaren who was working there in 1993 to settle a score with?



#25 Heyli

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Posted 18 February 2022 - 22:18

Another team would be great news.



#26 Secretariat

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Posted 18 February 2022 - 22:18

Could still be a partnership of some sort for a second team, though obv it’s just a random thought at this point. No evidence that’s in the works.

In practical terms, I think this has a reasonable likelihood of happening. Then my imagination got the best the me when making ownership talk.



#27 Secretariat

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Posted 18 February 2022 - 22:22

Is there actually anyone left at McLaren who was working there in 1993 to settle a score with?

Not sure. In this case, just fanciful imaginative "bar-talk" on my part regarding ownership stakes. I guess we will see the particulars in due time.



#28 Ali_G

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Posted 18 February 2022 - 22:22

Who will he get to build the car? Can’t use Dallara I assume.

#29 r4mses

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Posted 18 February 2022 - 22:23

& Just where are they getting 200 million dollars from? 

 

maybe either of them got like 0.0001 bitcoin or smth



#30 OvDrone

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Posted 18 February 2022 - 22:43

Already going strong with the Youtube Motorsport creators:



 



#31 Beri

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Posted 18 February 2022 - 23:08

& Just where are they getting 200 million dollars from?


https://amp.cnn.com/...-ipo/index.html

#32 Cliff

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Posted 18 February 2022 - 23:31

They'll need a lot more than 200 million to set up a new F1 team.



#33 boomn

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Posted 18 February 2022 - 23:35

That was the article where I found his quote saying the SPAC is not for F1 but for acquisitions that tie in better with their Formula E and electric auto experience.  Speculation was that they were even looking to expand into auto manufacturing or supply chain.  This is a separate entity from Andretti Autosport. 

 

Then again, it's possible he lied or just changed his mind since then


Edited by boomn, 18 February 2022 - 23:36.


#34 pdac

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Posted 18 February 2022 - 23:36

Surely this is just putting in place an extra level of credibility. If the FIA accepts them, then they show more evidence that they have the finances for such a project and make them more credible when they make an offer to buy an existing team.



#35 Viryfan

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Posted 18 February 2022 - 23:38

According to Andretti Global, they already have an engine supply contract in place.

 

My guess it is Alpine.

 

Laurent Rossi did do a visit in AA headquarters right before US GP.

 

https://twitter.com/...7790726/photo/1



#36 LittleChris

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Posted 18 February 2022 - 23:45

& Just where are they getting 200 million dollars from? 

 

Rich Energy ? :D



#37 Nathan

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Posted 19 February 2022 - 00:16

Are they paying the $200 million entry fee?

 

This doesn't really matter.  It can be lowered whatever amount or completely waived with a vote.  For Andretti...Porsche...they won't demand much.


Edited by Nathan, 19 February 2022 - 00:16.


#38 Myrvold

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Posted 19 February 2022 - 00:27

This doesn't really matter.  It can be lowered whatever amount or completely waived with a vote.  For Andretti...Porsche...they won't demand much.

 

But the money are there to compensate the other teams... Can FIA/FOM waive it without the teams agreeing?



#39 Neno

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Posted 19 February 2022 - 00:38

But the money are there to compensate the other teams... Can FIA/FOM waive it without the teams agreeing?

I think they can. Just imagine if manufacturer deciding to join F1, but certain teams due fear of extra competition saying no. Clause is likely there for specific reason.  And that's being serious about F1. My guess is that fee is threshold for brand new entry team to prove others they have budget to assemble team and make competitive car. Not for manufacturers mind you, because manufacturers do have that kind of money in pocket and they can prove it. 



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#40 Mario5

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Posted 19 February 2022 - 00:39

<---- (see avatar) Why I became a fan of F1 way back in 1978 so obviously this is an exciting development for me. Hope it comes true but you always have to be skeptical.



#41 Fastcake

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Posted 19 February 2022 - 00:47

This doesn't really matter.  It can be lowered whatever amount or completely waived with a vote.  For Andretti...Porsche...they won't demand much.

The money is for compensating the teams for the drop in revenue that an additional team will bring. There is nothing to suggest that the teams will agree to lowering it, as a new team gives them nothing.



#42 New Britain

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Posted 19 February 2022 - 00:56

Could still be a partnership of some sort for a second team, though obv it’s just a random thought at this point. No evidence that’s in the works.

Yes, could in theory be a 'B team'.



#43 ARTGP

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Posted 19 February 2022 - 00:58

The money is for compensating the teams for the drop in revenue that an additional team will bring. There is nothing to suggest that the teams will agree to lowering it, as a new team gives them nothing.

 

Imo, the main motivation of the 200 million "anti-dilution" fee is so that F1 can gatekeep and keep the Rich Energy, Mastercard Lola types away, while rolling over for any OEM that comes their way. 

 

If you think about it, a 1 time payment of 145 million pounds divided among 10 teams is still a pittance. Why is there no payment in the second or third year? A 1 time payment to nullify the impact of having to share the prize money doesn't make the problem go away in year 2 or year 3. On that basis, I think it has less to do with teams groaning about prize money reduction, and more to do with FOM and the teams wanting to make sure entrants are legitimate as opposed to the "Start and park" Nascar entries or those tennis players that only show up to lose in R1 of a masters series event to get the prize money without having any real intent to compete. 


Edited by ARTGP, 19 February 2022 - 01:02.


#44 jonpollak

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Posted 19 February 2022 - 01:01

200 million
He can get that at Wells Fargo
Jp

#45 eibyyz

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Posted 19 February 2022 - 02:46

Herta / Hamilton.  Bet the farm.  We will march on a road of bones.



#46 MattPete

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Posted 19 February 2022 - 03:00

so, anyone wanna bet it will end up with him buying Haas after all?

 

Putin invades Ukraine, Uralkali's money goes 'poof'!, and Andretti swoops in and takes Haas off of Gene's hands.



#47 SlipperyDiff

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Posted 19 February 2022 - 03:07

According to Andretti Global, they already have an engine supply contract in place.

 

My guess it is Alpine.

 

Laurent Rossi did do a visit in AA headquarters right before US GP.

 

https://twitter.com/...7790726/photo/1

 

Yep.



#48 loki

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Posted 19 February 2022 - 03:27

Whinedretti. Oh, god.  :rolleyes:

He’ll fit right in with Toto and Horner.   :rotfl:



#49 loki

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Posted 19 February 2022 - 03:51

Imo, the main motivation of the 200 million "anti-dilution" fee is so that F1 can gatekeep and keep the Rich Energy, Mastercard Lola types away, while rolling over for any OEM that comes their way. 

 

If you think about it, a 1 time payment of 145 million pounds divided among 10 teams is still a pittance. Why is there no payment in the second or third year? A 1 time payment to nullify the impact of having to share the prize money doesn't make the problem go away in year 2 or year 3. On that basis, I think it has less to do with teams groaning about prize money reduction, and more to do with FOM and the teams wanting to make sure entrants are legitimate as opposed to the "Start and park" Nascar entries or those tennis players that only show up to lose in R1 of a masters series event to get the prize money without having any real intent to compete. 

 

I’d agree it’s a deterrent to those of questionable means and $200 mil is a drop in the bucket long term.  

 

In Cup start and parks are largely done.   By going to 40 cars and 36 charters and changing the payout structure it’s chased them off.  There are still several limited season entries but not like the start and parks that didn’t have a crew or buy more than one set of used tires.  While it’s not allowed by the FIA a limited entry in F1 wouldn’t make sense these days if it were.  Too much to invest and hardly any payout running part time.  Even full time it’s been difficult for most.



#50 ARTGP

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Posted 19 February 2022 - 04:35

200 million
He can get that at Wells Fargo
Jp

 

and 10 other accounts that he never asked for   ;)