"And that may sound a bit dry, because it comes down to the numbers, but the value of F1 is that it's a limited amount of franchises, and we don't want to dilute that value by just adding teams." "If one is able to demonstrate that, then we should all be sitting at the table and cheering for such an entry, but that hasn't been demonstrated yet. "If a team comes in, how can you demonstrate that you're bringing in more money than it's actually costing? Because an 11th team means a 10 per cent dilution for everybody else. Each of the organisations that's sitting here on the podium has probably put more than a billion into their Formula 1 projects over the years, so it needs to be accretive. "We have invested considerable amounts over the last 10 years. "But we have 10 entries today we divide the prize fund among those 10 entries. "I'm sure that if we have an American team with an American driver, that would be very beneficial," Wolff told media, including. Under the terms of F1's Concorde Agreement, any new entrant into Formula 1 must pay a $200 million anti-dilution fee to be distributed among the 10 existing teams, to compensate them for the extra outfit now sharing the sports' prize purse.īut while Mario claims that the Andretti bid is willing and able to pay such a fee, Wolff says the operation needs to show that it will continue to add value to F1. He subsequently explained in an exclusive interview with that the operation is set to be based in England, with additional plans to set up Formula 2 and Formula 3 teams under the Andretti banner going forward.
Mercedes Team Principal Toto Wolff remains unconvinced that Michael Andretti's proposed F1 team should be permitted to enter the sport, citing the potential financial hit to the existing 10 teams.Īndretti's father, Mario, first revealed in February that 'Andretti Global' had applied to the FIA for an F1 entry from the 2024 season, claiming that the prospective squad "has the resources and checks every box".
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