Michael Andretti applies to FIA to enter F1 team for 2024

Andretti, the 1978 F1 world champion, took to Twitter on Friday evening to reveal his son Michael - who raced for McLaren in 1993 - had intentions to enter a team into F1, writing: "Michael has applied to the FIA to field a new F1 team starting in 2024.

“His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA's determination."

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Last year the younger Andretti was in talks to buy the Alfa Romeo team and the Sauber company behind it, but he was left frustrated when main shareholder Finn Rausing ultimately opted not to sell.

With the new Concorde Agreement in place and the cost cap now introduced, all 10 existing F1 teams are currently in good financial health, and thus there are no longer any bargains to be had for potential purchasers, with "franchise" values rising.

Andretti now appears to have decided instead to pursue his own project and start from scratch.

Sources suggest that a headhunting organisation has already been talking to F1 personnel about an unnamed project that would start in 2024.

Andretti will potentially be able to benefit from the huge boost to interest in F1 in the USA provided by the Netflix Drive to Survive series, and by the addition of a second US race with the Miami Grand Prix joining the 2022 calendar.

A third US race in Las Vegas is also on the horizon, while on Friday F1 confirmed that the US GP will stay in Austin for a further five years.

Miami circuit

Photo by: Liberty Media

Several teams have attracted US investors in the past two years, notably McLaren and Williams, while American tech giants have been coming into the sport, such as Cognizant at Aston Martin and Oracle at Red Bull.

One of Andretti’s own