MICHAEL ANDRETTI is ready to pay the £147million needed to field his own F1 team ready for the 2024 season.
An ‘anti-dilution’ fee of nearly £150m will be split between the ten existing F1 teams to make up for lost revenue from bringing in a newcomer.
But that won’t be a problem for 59-year-old Michael, who came close to taking over Sauber in October.
His 81-year-old father, who won the F1 world title in 1978, confirmed that Michael intended to pursue his desire to start his own team.
Andretti Sr wrote about Twitter“Michael has applied to the FIA to field a new F1 team from 2024.
“His commitment, Andretti Global, has the resources and ticks all the boxes. He is awaiting the FIA’s decision.”
Andretti was also asked by reporters about his son’s ability to pay the anti-dilution fee.
As reported by Racer, he said, “Yeah, yeah. Like I said, we’re going into this thing with our eyes wide open and we know some of the prerequisites.
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“I don’t think Michael is asking for any special favors, we have to comply with everything we have to respect and carry on.
“It’s as simple and as complicated as that, but we know what we’re getting into.”
Michael himself spent time as an F1 driver, racing 13 times for McLaren during the 1993 season.
According to a report by gpfans, the FIA responded with a statement following the announcement of Andretti’s intentions.
It read: “The FIA is currently unable to review or comment on expressions of interest or applications received from potential new entrant teams in relation to the FIA Formula One World Championship. “