P1racenews AI automatic summary:
FIA to reject three prospective F1 entries – report
The Andretti bid, backed by Cadillac, is expected to become the 11th team in the championship. Other applicants, including Hitech, Rodin Carlin, and LKYSUNZ, have reportedly been unsuccessful in their bids. Only Andretti has reached the final stage of the application process, according to reports. Formula 1 has the final say on accepting a new team, with CEO Stefano Domenicali emphasizing the need for additional value. The Andretti bid has faced opposition from current team bosses, who feel that the dilution fee for a new team is inadequate. LKYSUNZ, however, has offered to pay a higher dilution fee of $600m. There is speculation that the FIA has rejected LKYSUNZ’s application, but the team remains hopeful for a reconsideration. The reasons for the rejections have not been confirmed by the FIA, and applicants were required to demonstrate financial resources and sustainability plans aligned with F1’s net-zero goals. New teams are also expected to contribute to positive social impact and staff diversity.
Source: Motorsport Week
