American firm weighing up Formula 1 entry

Date published: February 21 2021 - Jamie Woodhouse

Formula 1

SportsTek Acquisition Corporation are looking at a possible route into Formula 1, perhaps alongside Michael Andretti.

Autoweek report the co-chairman of the SportsTek Acquisition Corporation, Tavo Hellmund, has told them Formula 1 is one of the possible projects the company are considering.

The newly-founded organisation will specialise in acquiring or partnering existing sports franchises.

“The company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” read a press release from the NASDAQ stock exchange.

“Although the company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on a target within the sports and related sectors including sports franchises, media, data analytics, and technology and services businesses serving those end markets, among others.”

Hellmund has strong links with the world of Formula 1. Previously, he looked at a possible deal to buy the struggling Manor team back in 2015, as did Michael Andretti, now the owner of Andretti Autosport.

Thus, Hellmund is interested in speaking to Andretti over a possible joint entry onto the Formula 1 grid between both companies.

“Since hanging up his gloves, Michael has proven he is a world-class team owner. F1 would be better off with him, without a doubt,” Hellmund told Autoweek.

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Formula 1 has already begun its overhaul with the introduction of a budget cap starting from the upcoming 2021 season, while from 2022 the new generation of cars will arrive, designed to promote overtaking and also closer competition throughout the grid.

And already there have been rumours of outside interest in joining the Formula 1 grid, most recently from a possible Monaco-based team, while Formula 1 boss Stefano Domenicali has already hinted at ongoing discussions with prospective new teams.

“What I can say is we are in discussions with other manufacturers,” he said in a video interview with Sky, as reported by Formula 1.

“For the moment, they prefer to stay still quiet, but the good news is that there are other… companies, very important companies, that are really keen to understand what is the value they can bring home using the F1 platform.

“Not only in terms of technology, in terms of also the value of what Formula 1 can bring to the automotive manufacturer.”

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