F1's stock drops 1% on the back of rejecting Andretti's application to be the 11th team on the grid

F1's stock dropped 1% after they rejected Andretti Motorsports' application to join the sport as the 11th team on the grid.

There had been a lot of back and forth between the two parties since the time the American giants got the approval from the FIA in late 2023 to enter the grid as the 11th team. The decision from the sport's governing body was heavily criticized by the teams and F1 as they were not in favor of having an additional team on the grid.

On January 31, the Formula One Management (FOM) officially rejected the bid from Andretti, stating that they won't be bringing any value to the sport. They further pointed out that it won't be feasible for the team to make two separate cars for two separate regulations in the 2025 and 2026 seasons.

The news of Andretti's bid getting rejected had adverse effects on the sport as the F1 owners, Liberty Media Corp.'s stock fell by 1%.

Andretti speaks on F1 rejecting their application for the 2025 season

Following their rejection, Andretti and its partner Cadillac have thanked their fans for their support and expressed their pride at the "significant progress" they have made so far. In a statement, Andretti Cadillac said (via RaceFans):

“Andretti and Cadillac are two successful global motorsports organizations committed to placing a genuine American works team in F1, competing alongside the world’s best.

"We are proud of the significant progress we have already made in developing a highly competitive car and power unit with an experienced team behind it, and our work continues at pace. Andretti Cadillac would also like to acknowledge and thank the fans who have expressed their support.”

The FOM did not completely close the door on the American motorsport giants as they stated that the team could join in 2028 with a power unit supplier, adding:

“We would look differently on an application for the entry of a team into the 2028 championship with a GM power unit, either as a GM works team or as a GM customer team designing all allowable components in-house.

"In this case, there would be additional factors to consider in respect to the value that the applicant would bring to the championship, in particular in respect to bringing a prestigious new [original equipment manufacturer] to the sport as a [power unit] supplier.”

It is unclear now whether Andretti Cadillac will apply to join the grid again in the 2028 season or not.