F1 News: Andretti Continues Formula 1 Push As Well As Expansion Into This Racing Series

Andretti Global is pursuing entry into Formula 1 while also considering expanding into NASCAR, despite facing financial and regulatory hurdles.

Friday, May 12, 2023, Michael Andretti, owner of Andretti Autosport, watches action during practice for the GMR Grand Prix at Indianapolis Motor Speedway. / Kristin Enzor/For IndyStar / USA TODAY NETWORK

Andretti Global is amplifying its motorsports footprint, targeting an ambitious expansion into Formula 1 while also exploring opportunities in NASCAR. JF Thormann, the president of Andretti Global, has revealed the organization's unique strategy of broadening its involvement across multiple racing platforms, aiming to cap off its portfolio with these significant additions.

Reinforcing the Andretti brand's enduring legacy in motorsports, Thormann explained in a video update from the team:

“We’re the only ones that compete in the amount of series that we do. And then the ambition that Mike still has – we still have to close the loop obviously with Formula 1, that’s well-documented – and hopefully NASCAR. Then we’re going to have a race virtually every weekend and it’ll keep our name out there and keep us busy.”

Despite fierce enthusiasm, Andretti's road to Formula 1 has been fraught with challenges. Last year, while the FIA approved their F1 application, Formula One Management rejected them, claiming that Andretti would not bring enough value to the sport. Contrary to this assessment, Thormann shared:

“A lot of times when I travel if I have the branding on, the amount of people that will actually ask and say ‘do you work for the Andretti race team, is it Mario, is it Michael?’ You realise the power of the name and how recognised it is. It represents that hard work, Mario’s story of coming over with just their shirt on their backs. It’s just pride to to wear that.”

However, financial and regulatory hurdles loom large. The F1 Concorde Agreement, governing team participation and financial terms, is poised for revision post-2025. The current entry fee of $200 million may surge to $700 million by 2028, with new teams potentially ineligible for prize money in their debut year, further aggravating the financial strains.

Despite these obstacles, Andretti Global has not wavered in its commitment. The team has recently invested in a new 40,000-square-foot facility in Silverstone, UK, aimed at boosting their design and manufacturing prowess. This includes bringing onboard former F1 CTO Pat Symonds, a huge move to fortify their technical team. Although Formula One Management confirmed that Andretti's F1 bid could be re-evaluated for the 2028 season when their General Motors partner will produce the power unit under its Cadillac branding, the American team is continuing its push to join the Formula 1 grid for the 2026 season.

The commitment to entering Formula 1 and potentially NASCAR illustrates Andretti Global's intent to remain at the forefront of international motorsport. Despite facing formidable financial barriers and regulatory shifts, Andretti is poised to leverage its storied legacy and passionate fanbase to overcome these challenges, fulfilling its global racing aspirations.