A closer look at the list of FIA requirements for potential new Formula 1 entrants
The FIA has announced the opening of its application process for prospective new Formula 1 teams, and they have set out their requirements for what they want from their applicants.
In an accompanying document with their announcement of the opening of expressions of interest, motorsport’s governing body revealed in more detail what prospective entrants are expected to provide in the application process.
Along with a total $300,000 application fee, the governing body is asking for several relevant documents surrounding the people running the team itself, including details about the company, the owner, and the request to sign a non-disclosure agreement about the application process itself while it is ongoing.
The FIA say a full list of requirements will be sent to prospective teams once expressions of interest have been filed, and Liberty Media, Formula 1’s commercial rights holder, may add criteria of their own as the application process unfolds.
But as for now, among the FIA’s requirements, they include, but are not limited to:
(1) The technical ability and resources of the team.
(2) The ability of the team to raise and maintain sufficient funding to meet its financial obligations and to allow participation in the Championship at a competitive level.
(3) The ability of the team to meet and comply with its obligations under the F1 Sporting, Technical, and Financial Regulations.
(4) A detailed business plan (including financial projections) for the first 5 years of the project.
(5) The team’s experience and capabilities in the automobile and/or motorsport sector (including technical experience, racing experience, facilities, equipment, and engineering resources) and relevant staff headcount/ experience.
(6) Whether the team and all individuals proposing to participate in the ownership, control, or management of the team are fit and proper persons.
(7) Considerations of sustainability, EDI (Equality, Diversity, and Inclusion), and societal benefit.
(8) The FIA’s assessment of the value that the candidate may bring to the Championship, including consideration of its reputation and integrity.
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What happens next for the FIA and Formula 1?
The governing body says it anticipates a deadline of Sunday 30 April for applications to be received by new teams, before an eventual deadline for decisions to be taken by 30 June.
Any new team joining the grid will need approval from the FIA and the teams themselves, as per the Concorde Agreement struck between the governing body, Formula 1 and the current constructors, as well as paying a one-off $200m entry fee to be split between the current teams as an ‘anti-dilution’ payment, to recoup any lost prize money by another team joining Formula 1.
Crucially, this announcement does not guarantee that the sport will be expanding its grid in future, as the FIA nor Formula 1 is under any obligation to accept any of the applications which come their way.
At the front of the queue, though, is the Andretti-Cadillac bid, with Michael Andretti and General Motors announcing a partnership to launch an attempt to reach Formula 1 in the days after FIA president Mohammed Ben Sulayem confirmed an ‘expressions of interest’ process would take place over possible new teams.
But should any team be successful in joining Formula 1, the governing body said new entrants would be accepted from the 2025 season onwards.