The FIA is expected to reject applications from three out of four prospective new Formula 1 teams, leaving Andretti Global as the sole remaining bidder.
The Andretti bid, supported by Cadillac, has long been tipped as the favourite to join the championship as its 11th team.
The highly successful feeder series teams Hitech and Rodin Carlin, and Asian start-up LKYSUNZ are all believed to have been unsuccessful in their applications.
While there is still no official confirmation from the FIA regarding which, if any applicants will be accepted, Motorsport-Total.com reports that only Andretti has reached the final stage of the process.
Ultimately, the final decision remains with Formula 1, whose CEO, Stefano Domenicali, has continually stressed that an additional team is unnecessary unless it would bring additional value to the sport.
The Andretti bid has also faced staunch opposition from incumbent team bosses who believe that the $200m dilution fee that a new team would have to pay is insufficient compensation.
Charles Leclerc (MON) Ferrari SF-23 at the end of the queue in the pit lane. 22.07.2023. Formula 1 World Championship, Rd 12, Hungarian Grand Prix, Budapest, Hungary, Qualifying Day.
Thanks to new backing from US-based investors, LKYSUNZ claimed on Friday that it would be prepared to pay a dilution fee of $600m. The development coincides with speculation that staff members have already been informed of the FIA’s rejection.
Despite the setback, it appears that the LKYSUNZ are optimistic that the FIA could revise its assessment: “We are still in dialogue with the FIA. But I can’t go into details at the moment because we are bound by an NDA which we respect,” said CEO Benjamin Durand.
It is now understood that the applicant has submitted new documentation to the FIA, but a U-turn is unlikely with the FIA deadline now in the past, and the rejection is said to be final.
With the FIA yet to confirm the rejection, it is unclear as to why the three applicants were rejected. Applicants were required to prove sufficient financial resources and sustainability plans in line with F1’s net-zero goals for 2030. New teams are also expected to achieve a positive social impact with staff diversity
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