‘ America demands its due’: US politicians issue antitrust threat after F1’s ‘money-grabbing’ Andretti rejectionUS politicians are threatening to investigate Formula 1 for anti-competitive business practices on the eve of its first race of the year in the United States after the sport rejected Andretti Global’s bid to join the grid.
FOM argued in a lengthy statement that Andretti was unlikely to be competitive and would therefore bring no additional value to the sport. Though the existing 10 teams have no say in FOM’s approval process, most of them have been vehemently against expanding the grid because it would reduce their shares of the prize pool.
But the sport has shown little sign of wavering from its position, and now Andretti has spectacularly upped the ante by enlisting Washington DC to try to blow open F1’s locked door. FOM and the FIA assessed the bid on different criteria. While the FIA deemed Andretti technologically and financially competent, FOM’s remit is confined strictly to commercial matters, and it decided that it wouldn’t be competitive enough to bring additional value to the category despite bringing General Motors to F1 for the first time.
“We understand that GM intends to reintroduce its Cadillac brand into the European market, which would support thousands of good-paying American automotive jobs, especially with Formula 1’s worldwide audience and its halo effect on its teams and sponsors,” the letter said. “From the outside looking in, one can ask: is this a money grab?” he said, per NBC. “One can ask: is Formula 1, is Liberty Media, kicking the can down the road for a different agreement so that they can go from $200 million to $1 billion extracted from Andretti-Cadillac?”
The fee was set at US$200 million in 2021 and based on the value of the backmarker Williams team, which was sold to current owner Dorilton Capital for €152 million the previous year.The sale of a minority stake in Aston Martin last year reportedly valued the team at $1.85 billion. Alpine achieved a similar $1.36 billion valuation in 2023.
“America demands its due,” he said, per ABC in the United States. “If you want access to our markets, if you want access to our fans, you must grant access to our companies, you must grant access to our automotive workers, you must grant access to Americans themselves.
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