Advertisementīut for some time now, Andretti and his father have been vocal in their determination to enter the sport, going so far as to try to buy the Sauber team.

The sport's organizing body, the Fédération Internationale de l'Automobile (FIA), requires that any new team 'buy in' to the franchise with a $200 million 'non-dilution fee' meant to ensure a new competitor doesn't cost the existing 10 teams any of their income. But there's a snag: You can't just turn up at the start of a season with a couple of cars and expect to go racing. The exact amount of the cost cap is adjusted depending on how many races are planned for a year- for 2023, that should be $138.6 million-and even finishing in 10th place earns a team enough money to cover about 70 percent of those costs.Īs a result, the sport is now a much more attractive proposition for new entrants than it was the last time we gained new teams in 2010, none of which survived.

Since then, the series has introduced a new budget cap that has reined in some of the crazier budgets and made the prospect of operating an F1 team much less of a financial black hole. GM wants to go F1 racing with its Cadillac brand, partnering with a new Andretti Global team, assuming the sport's organizing body accepts the entry.į1 has been fixed at 10 teams since Haas joined the sport in 2016. Original story: The world of Formula 1 got a shock on Thursday morning when General Motors announced it has plans to enter the championship. 'As we move forward, we bring a lot of our expertise to create things for the future as well,' Reuss said. GM President Mark Reuss told Autosport, 'We have a signed agreement with a power unit supplier to begin with.' However, it sounds like a Cadillac-designed engine may happen in time, perhaps for the 2026 season.

Update, 1:15 pm ET: Although I said I'd be surprised if Cadillac rebadged someone else's engine instead of building its own, that's exactly what the plan is, at least to begin with.

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