The FIA's decision to approve Andretti for a spot on the F1 grid as the 11th team could cost the existing team's '$11 million per year'.
Andretti has received the green light from the FIA.
The FIA not only assessed the team’s sporting and technical ability but also their finances and whether they’d have the backing to compete at a sustained competitive level.first part of Andretti’s applicationAnd already it is fair to say the tone is very negative with the majority of the team bosses against an 11th team. That largely is because of money.
However, the former HRT driver points out this could be made up by increasing the anti-dilution fund with suggestions earlier this year that it could be tripled from $200 million to $600m. “I think the key question, though, is who is going to pay because if the teams are asked to pay for it, that is going to become a problem amongst the 10 teams,” he said.
He went onto say it’s easier for the FIA to say yes to an 11th team as they aren’t the ones losing money.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FIA approves Andretti bid to become new F1 teamAndretti’s bid will now be considered by F1 itself, which must also give its approval before the team is admitted to the grid.
Read more »
Andretti Cadillac 'honoured' to receive FIA approval as F1 application advancesAndretti have said the approval of the FIA for their application to join Formula 1 is an 'important moment of pride' for the team.
Read more »
F1 news: Andretti application approved as Lewis Hamilton talks F1 'love-hate story'It is Qatar race week everyone! And we kick things off with another busy day full of talking points from the world of Formula 1.
Read more »
FIA/F1 power battle to intensify as Andretti bid advances?The FIA has approved Andretti's bid to become Formula 1's 11th team but the battle to reach the grid has only just begun.
Read more »
Rumour floated about financial loss teams may suffer if Andretti join F1Existing teams could stand to lose $11 million per year in prize money if Andretti are successful in their bid to enter F1.
Read more »
FIA approve Andretti’s team entry - but F1 still need to agreeThe FIA has approved Andretti's bid to join the grid but F1 still needs to give the green light from a commercial perspective.
Read more »