"There is no urgent need to increase the number of teams"- F1 CEO deals blow to possible Andretti entry

F1 CEO Stefano Domenicali has put a dampener on the possibility of Andretti Global joining the sport after admitting there is no urgent need to increase the number of teams on the existing grid.

Mario Andretti's son Michael has long harbored the intention of racing in F1 and has been pushing to join the sport as a new constructor for some time now. Earlier in the year, the 1978 world champion confirmed that Andretti Global had applied with the FIA and was awaiting their decision. The American outfit also has a deal in principle with Renault for Power Units should their entry be made official.

This was followed by Michael Andretti reaching out to Liberty Media Group CEO Greg Maffei during the 2022 F1 Miami GP weekend, hoping to let the decision go to a bidding war.

The prospect of Andretti joining the sport was met with mixed reactions from the existing F1 teams amid conversations about Porsche and Audi also entering the series soon.

Meanwhile, Mario Andretti has felt insulted by this and feels a double standard is at play concerning their entry into the sport.

In an interview with Motorsport's Italian affiliate, Stefano Domenicali dealt yet another blow to the father-son duo with big F1 dreams, saying:

“Andretti was quite explicit when he made his request, but there are other realities that have forwarded the same request ... let’s say, in another way, trying to respect the confidentiality required by the protocol put in place.”

The Italian went on to add:

“There is a lot of interest at the moment, and our task is to evaluate with prudence, because when we talk about Formula 1, we have to have a team or a Constructor that is really solid, with all the requirements to deal with a major long-term commitment. Likewise, I think there is no urgent need at the moment to increase the number of teams to have an immediate advantage as Formula 1.”

The reason why the sport is not warming to the idea of allowing Andretti to enter could be related to F1's reluctance to allow too many new players to join what has now become a thriving financial endeavor.

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F1 earned $744 million in revenue in 2022 season so far

F1 has been rolling in the green after reporting an overall revenue haul of $744 million between Q2 of 2021 and Q2 of 2022, according to a report carried by Motorsport.

The sport was hit hard in 2020 when the season was curtailed mere days before that year's Australian GP due to the onset of the COVID-19 pandemic. This led to a shortened season with minimal turnout at the venues and continued into the first half of 2021.

With fans thronging to the tracks and their Paddock Club operating at full tilt again, F1 has seen its revenue grow by as much as 49% midway through the current campaign. The sport's earnings catapulted from $501 million in 2021 to $744 million in 2022.

According to the aforementioned report by Motorsport, revenue from race promotion, sponsorship rights, and broadcasting deals rose by as much as 35% from $464 million to $678 million.

Revenues from the Paddock Club and freights also jumped by 214% from $37 million to $116 million. The sport's operating loss from Q2 in 2021 of $43 million has also been converted into a profit of $49 million for this year.

This, in turn, has also led to an increased windfall for all teams on the grid. in 2021, the share of revenue given to all teams was $308 million. This figure has gone up by $60 million in 2022.