Portugal Colonial - Andretti eyes formation of new F1 team

"Michael has applied to the FIA to field a new F1 team starting in 2024," US racing icon -- and Michael's father -- Mario Andretti said on Twitter.

"His entry, Andretti Global, has the resources and checks every box. He is awaiting the FIA's determination."

Andretti Autosport did not immediately confirm any details, but Mario Andretti told IndyStar.com that his son would be "ready to go the next day" if his application to form a new team is approved.

Mario Andretti told IndyStar that the two-car team would be named Andretti Global and would be based in England, with the cars to be made at a proposed facility in Indianapolis near the team's IndyCar headquarters.

He said the team had secured an engine partner, but did not name them.

"Michael has been working on this for quite a long time, but he's taken a different direction since there's no teams available to buy," Mario Andretti, a former F1 world champion, said.

In November, Michael Andretti said "control issues" had led to the collapse of his bid to take over the Alfa Romeo F1 team.

The former Indycar champion and F1 driver with McLaren, has interests in Indycar, Formula E, Extreme E and sportscar racing.

Andretti had been in talks to buy an 80% stake in the Sauber Group that owned the Alfa-branded outfit.

Andretti said at the time that reports the deal fell apart because of financial reasons "couldn't be further from the truth."

"It basically came down to control issues in the final hours of the negotiations. That's what killed the deal. I've always said if the deal isn't right we won't do it and in the end it wasn't right. So we continue to look for other opportunities."

L.Henrique--PC