The sport's organizing body, the Fédération Internationale de l'Automobile (FIA), requires that any new team "buy in" to the franchise with a $200 million "non-dilution fee" meant to ensure a new competitor doesn't cost the existing 10 teams any of their income. But there's a snag: You can't just turn up at the start of a season with a couple of cars and expect to go racing.
The exact amount of the cost cap is adjusted depending on how many races are planned for a year- for 2023, that should be $138.6 million-and even finishing in 10th place earns a team enough money to cover about 70 percent of those costs.Īs a result, the sport is now a much more attractive proposition for new entrants than it was the last time we gained new teams in 2010, none of which survived. Since then, the series has introduced a new budget cap that has reined in some of the crazier budgets and made the prospect of operating an F1 team much less of a financial black hole. GM wants to go F1 racing with its Cadillac brand, partnering with a new Andretti Global team, assuming the sport's organizing body accepts the entry.į1 has been fixed at 10 teams since Haas joined the sport in 2016. Original story: The world of Formula 1 got a shock on Thursday morning when General Motors announced it has plans to enter the championship. "As we move forward, we bring a lot of our expertise to create things for the future as well," Reuss said. GM President Mark Reuss told Autosport, "We have a signed agreement with a power unit supplier to begin with." However, it sounds like a Cadillac-designed engine may happen in time, perhaps for the 2026 season. Update, 1:15 pm ET: Although I said I'd be surprised if Cadillac rebadged someone else's engine instead of building its own, that's exactly what the plan is, at least to begin with.
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