LONDON: Formula One's governing body is ready to start a process for new teams to enter the championship, president Mohammed Ben Sulayem said on Monday (Jan 2). The move could open the door to American Michael Andretti's Andretti Global F1 project, which has so far met little encouragement from most existi
LONDON: Formula One's governing body is ready to start a process for new teams to enter the championship, president Mohammed Ben Sulayem said on Monday .
US-owned Haas are the most recent completely new Formula One team to enter, debuting in 2016 when the sport had 11 teams until the demise of Manor Racing before the start of the 2017 season.Formula One chief executive Stefano Domenicali said last September that the sport, which could have a record 24 races this year and is growing in global popularity, did not need more than 10 teams.
The current version of the 'Concorde Agreement' between teams, FIA and Formula One stipulates that the 10 teams split their share of the sport's revenues and any new entrant would dilute the pot. Having a new US-owned team in a sport that will have three rounds in the United States this year, including a night race in Las Vegas, might appeal to the sport's US-based owners Liberty Media.
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