Andretti Global and Cadillac Racing recently announced their interest in joining forces to pursue potential Formula One entries. However, this announcement quickly met with negative reactions from the existing F1 teams. In response, Michael Andretti called the opposing team “greedy”, according to a report from Reuters.
“It’s all about the money,” Andretti said in an interview referring to arguments about Cadillac Racing and Andretti Global F1 entries. Another F1 team argues that adding 11th team to its already congested network potentially reducing revenue sharing between them. Currently, the cost of entry to F1 is around $200 million, and existing teams are concerned that this fee now looks too cheap, potentially encouraging other automakers to enter the sport and further straining revenue sharing.
“The value of Formula One is a limited number of franchises and we don’t want to undercut that value just by adding more teams,” said Toto Wolff, Mercedes team boss, at the 2022 race event.
Andretti argued, “First they thought they would be cashed out with a tenth of their prize money, but they also got very greedy thinking we were going to take all the American sponsors too. It’s all about greed and looking at themselves and not seeing what’s best for the growth of the series as a whole.
Mohammed Ben Sulayem, president of F1’s governing body, appears to be on the side of Andretti and Cadillac Racing. “We have to encourage potential F1 entries from global manufacturers like GM and racers like Andretti and others,” he said recently. “Interest from teams in growth markets adds to the diversity and broadens the appeal of F1.”
Having an American automaker like Cadillac competing in F1 could increase interest in the United States in motorsport, giving US fans a local team to support as the series visits Miami, Austin and Las Vegas for the new event starting in 2023. If Cadillac Racing and Andretti Global is approved for entry, possibly 2026 before an open-wheel Caddy can be brought to the track.
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