F1’s decision to reject Andretti’s entry bid for 2025

Application to participate in the FIA Formula One World Championship

Summary and conclusions of commercial assessment process

January 2024

Introduction

1. On 22 March 2023, the FIA published an invitation (the Invitation) to apply to participate in the FIA Formula One World Championship (the Championship), to which four applicants responded, among them Andretti Formula Racing, LLC (the Applicant). The FIA conducted an initial assessment process, which included both a written question and response element and an in-person meeting.

2. The FIA announced on 2 October 2023 that they were satisfied that the application submitted by the Applicant (the Application) fulfilled their selection criteria in all material respects, and that accordingly, the FIA considered that the Applicant should progress to the next stage of the agreed process as set out in the Invitation, being an assessment by the Commercial Rights Holder of the Applicant’s value to the Championship. The process set out in the Invitation provides that both the FIA and the Commercial Rights Holder must consider an application suitable in order for a new entrant to be selected.

3. The FIA had previously shared with us the materials submitted by each of the four applicants in response to the Invitation, which we had studied. Following the FIA’s announcement, we wrote to the Applicant on 10 October 2023, setting out the assessment process, and details of the considerations and decision-making process pursuant to which we would conduct our commercial assessment (the Process Letter). The Process Letter contained a list of questions for the Applicant, to which the Applicant provided responses on 24 October 2023.

4. Having had the opportunity to consider the Applicant’s responses together with our own deliberations, we subsequently wrote to the Applicant on 12 December 2023 extending an invitation to an in-person meeting at our offices in order for the Applicant to present its application, but the Applicant did not take us up on this offer.

5. This document summarises our review process and the key conclusions arising from it.

Review process

6. As contemplated by the Process Letter, we took account of the broad range of ways in which value could be provided, including value to fans, the prestige and reputational value of the sport, the competitive balance of the Championship and the sustainability goals of the sport. The key areas of review were:

a. consideration…