Michael Andretti is reportedly seeking to expand his vast team ownership into Grand Prix racing through a buyout of an existing Formula 1 team.
According to RACER, the Andretti Autosport boss is targeting a takeover opportunity and has held preliminary talks several teams including the Haas F1 Team.
A buyout of an existing outfit rather than acquiring an entry is Andretti's preferred approach as any new competitor who wishes to join the grid is required to pay a $200 million entry fee, a provision that was inscribed in the sport's most recent Concorde Agreement and that is intended to protect the prize money of current teams.
"It would be great, but there’s a long way to go if it were to happen," Andretti told RACER. "If the right opportunity comes up, we’ll be all over it. But we’re not there yet."
Haas' precarious financial situation as well as its American heritage would appear to make the outfit an ideal candidate for a buyout, if eponymous team owner Gene Haas is open to selling at the right price.
Two other teams are believed to be on Andretti's radar, Alfa Romeo Racing and Williams. Both teams are owned by private equity firms, Longbow Finance for the former and Dorilton Capital for the latter.
However, an acquisition of Williams just over a year after Dorilton's investment is unlikely to interest the latter, unless a very significant buyout premium is involved.
As for Alfa Romeo Racing, a buy-out would most likely entail the acquisition of the entire Sauber Engineering Group, which would include the team's impressive windtunnel facility at Hinwil, perhaps a more alluring proposition - although likely an expensive one - for Andretti.
In addition to its prominent IndyCar outfit, Andretti Autosport's portfolio of teams includes its entry in the FIA ABB Formula E series, a four-car Indy Lights team, an LMP3 entry on the IMSa WeatherTech Sporst Car Championship, and Andretti's partnership with Zak Brown's United Autosports company in the Australian Supercars championship and the new off-road Extreme E series.
Interestingly, a special purpose acquisition company – the Andretti Acquisition Company – filed last February with the US Securities and Exchange Commission to raise up to $250 million in an initial public offering.
The entity – which would trade on the NYSE under the symbol WNNR (winner) - could have been set up for the purpose of targeting an F1 entry
The SPAC's public documents state that the company will "focus on opportunities that can benefit from the iconic Andretti brand name, both inside and outside of the worldwide motorsports platform and the expertise and ability of our management team to identify, acquire and grow a business in the broadly-defined automotive industry".
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