MICHAEL ANDRETTI is ready to pay the required £147million to field his own F1 team ready for the 2024 season.
An ‘anti-dilution’ fee of close to £150m will be split up among the ten existing F1 teams to make up for the loss of revenue due to a new kid being on the block.
Mario Andretti (R) confirmed his son Michael (L) intends to start his own F1 team
But that won’t be a problem for the 59-year-old Michael, who came close to taking over Sauber back in October.
His 81-year-old father, who won the F1 World title in 1978, confirmed Michael intended to press on with his desire to launch his own team.
Andretti Sr wrote on Twitter: “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.”
Andretti was also asked by reporters on his son’s ability to pay the anti-dilution fee.
As reported by Racer, he said: “Yes, yes. Like I say, 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 need to comply with whatever we need to comply to and go on.
“It’s as simple and as complicated as that, but we know what we are getting into.”
Michael himself spent time as an F1 driver, racing 13 times for McLaren in the 1993 season.
According to a report by gpfans, the FIA have responded with a statement following the news regarding Andretti’s intentions.
It read: “The FIA is not currently in a position to consider or comment on any expressions of interest or applications received from potential new entrant teams in respect to the FIA Formula One world championship.”
