'Greedy' F1 owners putting themselves ahead of sport, says Andretti

Michael Andretti labelled Formula One team owners "greedy" on Tuesday and said them putting their self interest ahead of the sport was the reason for the tepid reaction to his bid to bring an all-American team to the series.

Formula One owners have expressed indifference to the announcement last week that Andretti Global and General Motors brand Cadillac were joining forces in a bid to become the sport's 11th team. (Full Story)

Andretti, who has been doggedly pursuing an F1 team for several years, hit back on Tuesday in an interview with Forbes, putting the lukewarm reception down to greed.

"It’s all about money," Andretti told Forbes. "First, they think they are going to get diluted one-tenth of their prize money, but they also get very greedy thinking we will take all the American sponsors as well.

"It’s all about greed and looking at themselves and not looking at what is best for the overall growth of the series."

An all-American team backed by automotive giant General Motors with an American driver would seem an attractive opportunity for Formula One, which has been making a push into the U.S. market, where three races (Miami, Austin and Las Vegas) will be run this season.

But a major road block is the dilution of the teams' share of the revenues and a feeling that the current $200 million entry fee, which would be shared among the existing 10 teams as compensation, now looks too cheap.

While the Andretti/GM bid appears to have ticked all the right boxes, other deep-pocketed groups have also been sniffing around Formula One with German sportscar manufacturer Porsche and Honda expressing interest.

The Andretti plan, however, is not without some strong backing.

The head of the sport's governing body (FIA) Mohammed Ben Sulayem