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    • Formula 1 approves GM’s bid to join the racing circuit in 2026
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    Formula 1 approves GM’s bid to join the racing circuit in 2026

    Pabio Posted on

    Jenna Fryer
    | Associated Press

    Las Vegas — Formula 1 finally announced Monday that it would expand its grid in 2026 to make room for an American team in partnership with General Motors Co..

    “As the pinnacle of motorsport, F1 demands innovation and excellence that pushes the boundaries. It is an honor for General Motors and Cadillac to join the world’s premier racing series, and we are committed to competing with passion and integrity to elevate the sport to racing fans around the world,” said GM Chairman , Mark Reuss. “This is a global event. stage for us to demonstrate GM’s engineering expertise and technological leadership to a whole new level.

    The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the owner of F1’s commercial rights, would not approve the team initially created by Michael Andretti.

    Andretti stepped down in September from running his namesake organization, so the 11th team will be called Cadillac F1 and run by new majority owners of Andretti Global, Dan Towriss and Mark Walter. The team will use Ferrari engines for the first two years until GM has a Cadillac engine built for competition in time for the 2028 season.

    Towriss is the CEO and chairman of the 1001 Group and entered motorsport through Andretti’s IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with stakes in the Spire Motorsports NASCAR team and the Wayne Taylor Racing sports car team.

    Walter is the chief executive of financial services firm Guggenheim Partners and the majority owner of the World Series champion Los Angeles Dodgers and Premier League club Chelsea.

    “We are delighted to partner with General Motors to bring a dynamic presence to Formula 1,” said Towriss. “Together, we are assembling a world-class team that will embody American innovation and deliver unforgettable moments for racing fans around the world.”

    Mario Andretti, 1978 F1 world champion, will play an ambassadorial role with Cadillac F1. But his son, Michael, will no longer hold an official position within the organization now that he has reduced his involvement with Andretti Global.

    The approval has been in the works for weeks but was held off until after the Las Vegas Grand Prix last weekend so as not to overshadow the flagship event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night’s race, the third and final stop in the United States for the world’s biggest motorsport series.

    Network expansion in F1 is both rare and often unsuccessful. Four teams were entered in 2010, which should have brought the grid to 13 teams and 26 cars for the first time since 1995. One team never reached the grid and the other three had disappeared by 2017.

    There is only one American team on the current F1 grid – owned by California businessman Gene Haas – but it is not particularly competitive and does not field American drivers. Andretti’s dream was to field a truly American team with American drivers.

    The fight to add this team has been going on for more than three years and F1 initially refused the application despite approval from F1’s sanctioning body, the FIA. The ten existing teams, which have no say, have also largely opposed expansion due to the dilution of prize money and the billions of dollars they have already invested in the series.

    Andretti in 2020 attempted and failed to purchase the existing Sauber team. From there, he requested a network expansion and partnered with GM, the top-selling manufacturer in the United States. GM’s inclusion was defended by the FIA ​​and president Mohammed Ben Sulayem, who said Michael Andretti’s candidacy was the only one of seven candidates to meet all the criteria required to expand F1’s current grid.

    “General Motors is a major global brand and powerhouse in the OEM world and works with impressive partners,” Ben Sulayem said Monday. “I fully support the efforts of the FIA, Formula 1, GM and the team to maintain dialogue and work towards an agreement in principle to progress this request.

    Despite the FIA’s early acceptance of Andretti and General Motors, F1 was not interested in Andretti – but wanted GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would reconsider Andretti’s candidacy if and when Cadillac had an engine ready to compete.

    “Formula 1 has maintained a dialogue with General Motors and its partners at TWG Global regarding the viability of entry following the commercial evaluation and decision made by Formula 1 in January 2024,” F1 said in a statement. press release. “During this year, they achieved operational milestones and made clear their commitment to mark the 11th GM/Cadillac team, and that GM will enter as an engine supplier at a later date. Formula 1 is therefore pleased to move forward with this application process.”

    Another major shift in the network expansion debate occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was widely considered one of the network’s biggest opponents. Andretti’s entry.

    “With Formula 1’s continued growth plans in the United States, we always believed that welcoming an impressive American brand like GM/Cadillac to the grid and GM as a future powertrain supplier could bring added value and interest to the sport,” Maffei said. “We thank the leadership of General Motors and its partners for the significant progress in their preparation to enter Formula 1.”

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