Michael Andretti’s endeavor, backed by General Motors’ Cadillac brand, has emerged as the standout contender in response to the FIA’s call for submissions to establish an 11th Formula 1 team.
Among the applicants, Formula 2 outfits Hitech and Rodin Carlin, as well as the startup Asian initiative LKYSUNZ, threw their hats into the ring. However, the governing body has yet to provide official confirmation regarding which, if any, of these new teams will be accepted. Nevertheless, credible sources suggest that only the Andretti bid has progressed to the final stage.
Formula 1’s ultimate decision regarding the admission of a new entrant to the grid lies with CEO Stefano Domenicali, who has consistently emphasized that any new team must bring significant added value. Existing teams have shown little enthusiasm for Andretti’s potential expansion from IndyCar and Formula E into Formula 1, citing dissatisfaction with the current $200 million dilution fee that new teams are required to pay to join the grid. This stance was reaffirmed by several team bosses in Singapore.
However, on Friday, LKYSUNZ made headlines by declaring their readiness to pay a substantial dilution fee of $600 million, thanks to the backing of a new billionaire investor from Florida. This announcement took many existing F1 team members by surprise, leading to speculation that LKYSUNZ may have faced a rejection from the FIA, prompting their staff to seek employment elsewhere.
Insider information obtained by Motorsport-Total.com suggests that LKYSUNZ, Hitech, and Rodin Carlin all received word that their submitted materials were insufficient for a favorable evaluation. Nevertheless, when asked, the FIA declined to officially confirm this rejection as of Friday.
LKYSUNZ CEO Benjamin Durand provided a brief statement, stating, “We are still in dialogue with the FIA. But I can’t go into details at the moment because we are bound by an NDA which we respect.” However, it appears that LKYSUNZ submitted new documentation in the hopes of revising the FIA’s assessment. Regrettably, this is unlikely to materialize, as the deadlines outlined in the FIA tender have expired, and the rejection is reportedly irrevocable.
The specific reasons behind the rejection of LKYSUNZ, Hitech, and Rodin Carlin remain undisclosed. To secure a favorable outcome in the FIA application process, new entrants must not only demonstrate sufficient financial resources but also present a comprehensive plan for environmental sustainability, with the goal of achieving net zero CO2 emissions by 2030. Additionally, they are expected to outline how their project would generate a positive social impact, with a focus on staff diversity.
LKYSUNZ’s vision entails establishing a headquarters in Southeast Asia, most likely in the greater Kuala Lumpur region of Malaysia. This move would open up opportunities for a fresh wave of engineers and mechanics to enter the world of Formula 1, promising an exciting prospect for the sport’s future.
