Greg Maffei, CEO of Liberty Media Corporation, made it clear that ten teams are enough for Formula 1, so there are no plans to increase their numbers in the near future. It is likely that his comments, cited by Bloomberg, partly explain why the FIA has not yet responded to the World Championship entry application submitted on behalf of Andretti Global, a new project by Michael Andretti.
Greg Maffei: “There were times in the championship’s history when it was attended by 15 teams or even 20. When we (Liberty Media) started this sport, their numbers were reduced to ten. The eleventh team was the British Manor, but it came under external management, went bankrupt and was sold for a pound.
And now even the weakest team is worth at least $400 million, maybe more, because now the status of all championship entrants is secured by a franchise. I think you see that in discussing these topics you hear amounts like $1 billion or $2 billion that this or that team could be worth. All this is of interest to investors.
Theoretically it is possible to increase the number of teams in the future, but I don’t think there is a need for that. Many want us to take this step, and in most cases it’s due to investors’ desire to acquire a franchise, but we feel we shouldn’t.
In some cases this is due to real problems and the fact that on some tracks there is no extra space in the paddock and pit lane as there are only 10 garages. Therefore, the appearance of the 11th team is literally fraught with certain difficulties.
At the same time, Michael Andretti said in an interview with the Indy Star newspaper that the negotiations with the FIA are going well: “The meeting with the FIA went well, we had a positive impression. I think the president of the federation, Ben Sulayem, supports us, but this is all a serious process.
We won’t get an answer for the foreseeable future. It may have to wait until September or October. In order for this process to continue, we are already spending money and we hope that our request will eventually be met. We understand we take risks, but we believe it’s worth it.”
Source: F1 News
I’m Todderic Kirkman, a journalist and author for athletistic. I specialize in covering all news related to sports, ranging from basketball to football and everything in between. With over 10 years of experience in the industry, I have become an invaluable asset to my team. My ambition is to bring the most up-to-date information on sports topics around the world.
