FILE PHOTO: Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 17, 2023 General view of empty seats during practice REUTERS/Finn Blake/File Photo
(Reuters) - A General Motors-backed bid to enter Formula One as an 11th team in 2026 is now looking more likely to succeed after being previously rejected, multiple sources said on Friday.
Liberty Media-owned Formula One ruled out the Andretti bid in January, doubting it would be competitive or add value, but kept a door open for 2028 when GM would be able to provide an engine.
The U.S. House of Representatives Judiciary Committee launched an investigation into possible "anticompetitive conduct".
The landscape has since changed with Michael Andretti, a former F1 racer and 1991 CART champion as well as being son of 1978 F1 champion Mario, announcing in September he was taking a step back from his day-to-day operational role in Andretti Global.
Andretti, who remains an advisor and is still involved in the F1 project, has handed over to business partner Dan Towriss, who has been in the Las Vegas paddock ahead of this weekend's grand prix -- the third in the United States this year.
Liberty Media are also going through change, with long-time chief executive Greg Maffei stepping down at the end of the year.
The teams are sounding more open, providing there is a clear benefit to the sport.
"I think if a team can add to the championship, particularly if GM decides to come in as a team owner, that is a different story," Mercedes team boss and co-owner Toto Wolff told a press conference when asked how positions had changed.
"And as long as it is creative, that means we're growing the popularity of the sport, we're growing the revenue of the sport, then no team will be ever against it. So I'm putting my hope in there," he said.
Wolff made clear, however, that the teams were not the ones making the decision. The governing FIA approved the application last year before passing it on to Formula One for their consideration.
Teams have argued that the current $200 million entry payment, to be distributed among the existing 10, is insufficient when the sport is booming and some outfits are valued at more than $1 billion.
That could also change, with the sport entering a new engine era in 2026 when a new commercial 'Concorde' agreement is also due.
A GM-backed team would likely compete with Cadillac-branded engines from 2028, buying in from another manufacturer until then.
Andretti already has a base at Silverstone in England with a number of personnel employed, including former F1 chief technical officer Pat Symonds as executive engineering consultant.
"I've spoken to Mario once. I didn't speak to his son. I didn't speak to any other people that are behind that. I don't know who they are. So I know GM. GM is great," Wolff said of the possible entry.
Ferrari's Fred Vasseur commented: "For sure, as Toto said, that if it's good for the sport, good for the show, good for the business, and add value on the sporting side, that we are all okay."
The Athletic reported that Formula One could soon issue an update. There was no comment from Formula One or Andretti representatives.
(Reporting by Alan Baldwin in London, editing by Christian Radnedge)
