Andretti applies for F1 entry with FIA for 2024!

Michael Andretti is spearheading an effort to enter Formula 1 in 2024 and has submitted the preliminary paperwork with the FIA.

Motorsport legend Mario Andretti posted a tweet late Friday stating that his son has applied for an entry with F1's governing body in the name of 'Andretti Global', adding that the initiative "has the resources and checks every box".

The post on Twitter was verified and the story was confirmed by Michael Andretti when contacted by RACER's Marshall Pruett.

"It's real!" said the American team owner and 1991 CART IndyCar Series champion.

Andretti's latest attempt to enter Grand Prix racing follows a failed attempt last year by the American to take over the Sauber Motorsports' operated Alfa Romeo F1 team.

Andretti and Islero Investments, which owns Sauber Motorsport, were down to the final details of a transaction that would have seen Andretti become a majority shareholder in the Swiss outfit.

But the deal between the two parties blew up at the 11th hour due to "control issues" according to Andretti who was left with no other choice but to step away from the talks.

In accordance with a clause written in Formula 1's most recent Concorde Agreement – the all-important commercial and financial covenant that binds all ten teams to Formula 1 – any new outfit seeking a spot on the grid must disburse a one-off $200 million entry fee.

The clause was added as an anti-dilution scheme, with the amount distributed equally between F1's ten teams. But the rule also acts as a natural deterrent or barrier to entry for any sub-standard outside outfit that dreams of joining F1.

• Read also: Andretti says 'control issues' blew up Alfa Romeo F1 deal

While Andretti's reputation and track record in motorsport would perhaps justify in the eyes of many an easy rubber stamp from the FIA, the governing body won't facilitate an entry into F1 based on a famous name, regardless of its history or legacy.

All financial considerations apart, motorsport's institution is sure to conduct a thorough due diligence to make sure that Andretti's F1 endeavor is worthy of joining the elite and offers the right financial, structural and operational certifications.

A return of the Andretti name to Formula 1 is far from a done deal, even if the entity does "check all the boxes". But filing an application is a first step.

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