Andretti entering F1 would be a logical move, says Canadian Stroll

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LONDON – US-based Andretti Autosport would be a great addition to Formula One if acquisition talks with Sauber go through, according to billionaire Canadian Aston Martin owner Lawrence Stroll.

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Switzerland-based Sauber runs the Alfa Romeo team and there is growing speculation that Michael Andretti, a former Grand Prix driver and son of 1978 champion Mario, is close to reaching a deal.

However, American motorsports website Racer.com reported that no announcement was expected at this weekend’s United States Grand Prix in Austin, Texas.

Andretti is a great name. I know the family and I think they would be a great addition to the sport, if true, “Stroll told Reuters from Montreal ahead of Sunday’s race when asked about the rumors. “I don’t know much about it, other than I heard in the paddock last race that there was potentially some activity there.

“I think they did a SPAC in the United States and they said they were going to buy something in motorsports. I fully understand it, I see the logic. “

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The Andretti family established a Special Purpose Acquisition Company (SPAC) this year to raise $ 250 million through an initial public offering.

The United States is a key growth area for Formula One, owned by US-based Liberty Media, with a second race in Miami in 2022.

Stroll, which made its money from fashion, bought a significant stake in British sports car maker Aston Martin in 2020 and is CEO.

The Silverstone-based Formula One team he bought in 2018 is now racing as Aston Martin and Stroll have big plans for the future.

A new factory and wind tunnel ‘campus’ is under construction and the team this month launched a five-year retail sterling bond through the London Stock Exchange to help fund a project that is due to be completed in three years.

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Stroll said the offer was also an opportunity for fans and team employees to get financially involved with a minimum initial subscription of 1,000 pounds ($ 1,376.40) and multiples of 100.

“This will be a substantial amount of what the total installation will cost,” said the Canadian, adding that the latest cost estimate was around 220 million pounds.

Stroll said that the introduction of a budget cap in Formula One this season, which will be reduced to $ 135 million in 2023, would transform the business.

“Everyone is very focused on each of us being profitable. And Formula One teams, if they work properly, will be very profitable companies, ”he said.

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“It is much easier to win when you spend more than the competition. That is now gone … that plays at the sweet spot of this team, which historically did more with less.

“We will be able to do more, we will be at the top of the budget cap, we will be up there.”

The value of Formula One teams has also been boosted by any new entrants having to pay a $ 200 million fee to compensate the 10 existing teams for their reduced future share of the sport’s overall revenue.

This does not apply to anyone taking over an existing team.