The Andretti Cadillac Formula 1 bid reached a milestone on Monday when it was granted approval to bring a new team to the F1 grid.
The years-long process is now one step from the finish line. That step, however, is no guarantee of producing a positive outcome for Andretti. The bid must now by ratified by the Formula 1 teams (Formula One Management), and that group has been adverse to adding new teams it its 10-team series.
The biggest argument coming from the existing F1 teams is that another entry would dilute the end-of-the-season prize fund that is currently divided among the 10 teams, weighted by place in the season Constructors' Standings. Dividing the pie into 11 pieces would result in smaller payouts to the other 10 teams, it has been argued.
Andretti issued the following statement just hours after the FIA's announcement on Monday:
Andretti Cadillac is honored that the FIA has approved Andretti Formula Racing’s Expression of Interest for the FIA Formula One World Championship. We appreciate the FIA’s rigorous, transparent and complete evaluation process and are incredibly excited to be given the opportunity to compete in such a historic and prestigious Championship.
The formation of this distinctly American team is an important moment of pride for all our employees and fans. We feel strongly that Andretti Cadillac’s deep racing competencies and the technological advancements that come from racing will benefit our customers while heightening enthusiasm for F1, globally.
We look forward to engaging with all of the stakeholders in Formula One as we continue our planning to join the grid as soon as possible.