Andretti Formula Racing has officially been accepted by the FiA, the Formula one motorsport governing body, to enter Formula 1 with their General Motors’ Cadillac-sponsored team. Andretti Formula Racing was the only team approved by the FiA out of four teams vying to make it into F1.
Andretti Formula Racing now moves on to the next step in the process – their bid being assessed by F1 rights holders on commercial viability, meaning…F1 will only admit Andretti if their entry is deemed to add value to the championship. There is no timetable associated with the process.
F1 allows for up to 12 teams to participate – but not until after new teams pony up a $200 million anti-dilution fee to be split between the existing teams to compensate them for the loss of prize money caused by their portion of F1’s funds being split 11 ways rather than 10.