The 1978 F1 World Champion and four-time Indy car champion broke the news on his Twitter feed on Friday.
He wrote: “Michael has applied to the FIA to field a new F1 team starting in 2024.
“His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA’s determination.”
Michael Andretti confirmed to Motorsport.com that what his father had tweeted was true but that he couldn’t make any further comment.
Last year the younger Andretti was in talks to buy the Alfa Romeo team and the Sauber company behind it, but he was left frustrated when main shareholder Finn Rausing ultimately opted not to sell.
With the new Concorde Agreement in place and the cost cap now introduced, all 10 existing F1 teams are currently in good financial health, and thus there are no longer any bargains to be had for potential purchasers, with “franchise” values rising.
Andretti thus appears to have decided instead to pursue his own project and start from scratch.
Sources…
Click Here to Read the Full Original Article at Motorsport.com – All – Stories…