Andretti actively looking to acquire F1 team

Michael Andretti, owner of the prolific Andretti Autosport team, has been actively working towards acquiring a team in Formula 1.

According to RACER, the former F1 driver is looking to get into the premiere sport, and has recently been in talks with multiple representatives from multiple teams.

Although no team is known to be seeking a buyer, Andretti has made his way to a few of the major players in the paddock in an effort to show his interest and weigh his options.

“It would be great, but there’s a long way to go if it were to happen,” said Andretti to RACER.

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“If the right opportunity comes up, we’ll be all over it. But we’re not there yet.”

Branching into Formula 1 would be a large undertaking, but less so if Andretti goes the route of purchasing, or buying a controlling interest in, an existing team on account of F1’s high buy-in fees.

The $200 million fee paid by new entrant teams would be split among the existing teams as compensation for another team sharing the series’ profits.

F1 represents one of the more unique arrangements in the world of motorsports, where the teams are tightly integrated in the extensive commercial side of the operation.

Currently Andretti Autosport is one of IndyCar’s ‘big teams,’ with a four-car programme, along with a couple other entries made possible by joint arrangements, competing each weekend in the ever-more-popular series.

The team was founded in 1993 as Forsythe Green Racing in the CART series.  Andretti joined the team in 2001, then purchased a majority interest and renamed the team to Andretti Green Racing when it switched to IndyCar in 2003.

Andretti Autosport has gone on to win four drivers championships and five Indy 500s in the past two decades, and continues to be a powerful force in America’s open wheel scene.

Andretti has also branched out to other series in recent years, with a Formula E outfit counted among the team’s ventures.

If an opportunity can be found, a move into F1 would expand the reach of the well-known racing name even further.