FIA President Green-Lights New Formula 1 Teams

Traffic on Formula 1’s tracks could get a little heavier.

Mohammed Ben Sulayem, president of F1’s governing body FIA, tweeted that he has asked his team at FIA “to look at launching an Expressions of Interest process for prospective new teams” for F1.

• F1’s teams split their share of the series’ revenues. A new team would have to pay $200 million to offset the revenue dilution to other teams.
• F1 earned $715 million in the third quarter of 2022.
• Haas, which entered in 2016, was the last new team to join F1, but the exit of Marussia Virgin Racing has kept the number of teams at 10. 

The Virgin team, originally known as Manor Grand Prix, was one of three teams that have departed since entering in 2010.