F1 team boss reveals HARSH Andretti Cadillac entry truth
Formula 1 has moved one step closer to the sport’s 11th team with a bid approved by the FIA to register Andretti Cadillac.
However, the prospect of this expansion has raised concerns within the current F1 network.
Williams team principal James Vowles has shared his candid views on the financial challenges facing F1 teams today.
The former Mercedes player said several teams had already lost millions of dollars and adding another team would reduce F1’s prize money pie.
“To put it simply, we’ve suffered a lot of losses,” Vowles told Sky Sports F1 when asked about the team’s financial situation.
“We suffered great losses. Our account has been sent.
As you can see we lost £20m last year.
“We won’t see any bills next year, but we’ll see them double in 2023.
“What we’ve said from the start is we’re adding an 11th team, but financially it’s going to make a big difference by growing the pot rather than shrinking it.”
Vowles insists it is not a ‘Team Against 11’ but points out that F1 teams are already fighting for the limited number of sponsors allowed in motorsport’s top flight.
“For all of us, our core support base is limited,” he explained.
“We are already fighting for those sponsors.
This will again reduce the amount by a certain amount.
“So I’m not against 11 teams.
I think 11 teams will grow if the sport is healthy [F1].
But what we asked from the beginning was to make it financially sustainable.”
The addition of new teams promises a boost to F1’s global presence, but raises concerns about the sport’s financial sustainability.
“The team pulled out because it was too expensive,” he continued.
“We are not getting that because what we are asking for is financial security.
“We’re not going to change the sport.”
Will Andretti lead to Formula 1 layoffs?
The fact that Williams is currently enjoying one of the best seasons in modern times and is still reporting serious losses will be a major concern for the Voles and the English team’s shareholders.
But according to Vowles, it’s not just the senior drivers who are worried about his 11th F1 team.
“I have 900 people on my staff,” Vowles said.
“They go home and pay the mortgage.
I want to keep my 900 employees and I want them to continue to be paid.
“It’s sporty because I started from scratch.
We are investing tens and hundreds of millions of dollars in this organization.”
Although the FIA has taken the first steps in welcoming Andretti-Cadillac into the Formula 1 family, the sport’s stakeholders are closely evaluating the proposed expansion.
The coming months will determine whether Formula 1 can maintain the delicate balance between growth and financial stability for its current teams.
