They pointed at the $650m (£535m) expansion fee paid by the Seattle Kraken to join the National Hockey League in 2021 as an example of the sort of figure they think any new F1 entrant should be paying. One senior team figure told Mirror Sport that a figure triple the current $200m amount would likely be needed before some start warming up to the idea.
They want the dilution fee increased significantly before even considering green-lighting the Andretti entry.įIA president Mohammed ben Sulayem appears keen on the idea of a new F1 team (Image: Getty Images)
Team bosses feel that figure is nowhere near high enough and that it undervalues the sport, which has experienced considerable growth since the current agreement was signed. So, in theory, each team would receive $20m (£16.5m) as compensation for a new team joining the grid. The current dilution fee, as agreed under the current Concorde Agreement, stands at $200m (£165m). The other eight teams are still against the idea and the sticking point appears to be financial compensation.
The former because of chief executive Zak Brown, who is a good friend and business partner of his fellow American, while the latter has a deal in place to supply power units to the new team if approved. But while bringing an automotive giant to the sport appears, on the surface, to appease those who demand any new entrant give more to F1 than they take, it seems the current major players are still not on board.Īs it stands, only McLaren and Alpine are open to the idea of Andretti joining the grid. If approved for entry, the team will bear both Andretti and Cadillac branding. Michael Andretti is one of those keen to fill a slot, having recently announced a major team-up with American carmaker General Motors. The FIA has opened the door to the idea of a new team, possibly even two, joining the existing 10 on the grid. Formula 1 teams are likely to demand at least triple the current dilution fee on offer to even consider giving support to a new entrant.
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