Formula 1 bosses still ‘unclear’ over value of new teams

The bosses of Formula 1 say they still do not see a value in expanding the number of teams on the grid as a decision on prospective new entrants moves closer.

Formula 1 has featured 10 teams on the starting grid throughout Liberty Media’s ownership of the championship.

Under FIA President Mohammed Ben Sulayem an application process for prospective new teams was opened in January and several parties are understood to have lodged a bid.

The most prominent are Andretti, which has support from General Motors, and junior single-seater team Hitech.

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But Liberty Media has regularly been resistent to the prospect of expanding the grid and the organisation is still eager to preserve the status quo.

President and CEO of Liberty Media Greg Maffei explained during an investor call that Formula 1 “has 10 great teams, we’re very excited about what they’re doing.

“There’s a process to add more teams but the bar is very high, and it’s unclear what value and 11th team would add, and there’s a lot of uncertainty from the other teams about adding an 11th team.

“The FIA and we have had productive discussions about all this – do we agree on everything at the moment? No, we discuss things and hopefully work things out.”

Formula 1 CEO Stefano Domenicali is optimistic that a decision will be made within the next couple of months.  

“The FIA started a process, as is in their possibility, we are waiting for the final conclusion,” he said.

“As always, in these discussions, we’ll find an agreement together because the value of the teams and the value of the business today is very, very strong.

“That decision, that information, will come very, very soon, I would say within the month of September.”