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Fia, the Governing body of Formula 1, have issued a statement late on Thursday saying that they had officially launched an application process which in effect would enable entry of a new Formula 1 team into the arena by 2025. In point of fact, latest remarks from FIA came forth following a year-long lobbying effort from Andretti to enter into the Formula 1, while Andretti was quoted saying in an interview later last month that he had received FIA’s greenlight to formally apply for a bid to join the Formula One with a new team by 2026. Nevertheless, latest comments from Andretti followed a media topline released later last year underscoring the former motorsport driver had seized financial backing from a private equity fund having had assets worth over a whopping $285 billion.
Besides, Andretti and Cadillac had formed a partnership last month in a bid enter into the F1 with a new team by 2026
.FIA to launch formal application process for entrance of a new F1 team
According to the bid process underscored by FIA, a new team must have to prove that it could “participate at a competitive level”.
Besides, the FIA would look at a number of facets including funding, technical abilities alongside personnel and expertise. Apart from that, FIA also added in the statement, “(the team) have to outline how they will manage the sustainability challenge and how it plans to achieve a net-zero Co2 impact by 2030”.
In tandem, followed by the announcement, FIA President Mohammed ben Sulayem said in a statement, “The growth and appeal of the FIA Formula One World Championship is at unprecedented levels. For the first time ever, as part of the selection conditions, we are requesting that candidates set out how they would meet the FIA's sustainability benchmarks and how they would make a positive societal impact through sport.
The process is a logical extension of the positive acceptance of the FIA's 2026 F1 Power Unit Regulations from engine manufacturers which has attracted Audi to Formula One and created interest among other potential entrants”