Mario Andretti says that his son Michael, who owns Andretti Autosport, has secured a “formal agreement” with Renault to run its Power Units in Formula 1.
Last week, Andretti announced on social media that Michael had submitted an application to the FIA to be part of the F1 field in 2024.
In 2021, Andretti was in advanced talks with Sauber regarding a takeover of the Alfa Romeo F1 Team, however he backed out of the deal, citing a disagreement over control within the organisation.
Speaking to David Land, Andretti says that the team is pushing ahead with its F1 plans, which include an engine deal with Renault and a UK-based factory.
“We’re not just new boys in town,” said the 1978 F1 World Champion.
“We know the prerequisites and also there’s a time factor here. Once we said go ahead, we’ve got to go.
“So a lot of work has been done. We know where the facility is going to be built in the UK. We know we have people, prominent individuals that have done this type of work as far as start-ups. We have a lot of things in mind.
“We have formal agreement now on the engine supplier and it’s out there, it’s going to be Renault, I’m allowed to say it now.”
Andretti also revealed that Mercedes boss Toto Wolff was worried that Andretti would strike a deal with Ferrari, pushing the Italian squad’s output to four teams.
Renault currently only powers its own Alpine team on the grid.
“There was a lot of speculation from [Mercedes boss] Toto Wolff, he was concerned about potentially it being Ferrari, Ferrari would have more votes than he would have, so on and so forth,” Andretti said.
“There’s a lot of steps to take here, I understand that. But we’re ready for it. We have incredible partners.
“Myself, I’ve been at it for 67 years now so we know what goes on on all sides of the Atlantic.
“And this is a great undertaking, a wonderful undertaking on Michael’s part. This shows that he’s very, very ambitious in the sport. That’s his business, period.”