Now imagine we are renovating, rebuilding a home
And we speak natively different languages 🤣
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
2024 Formula 1 Season thread
- Thread starter Apple fanboy
- Start date
- Sort by reaction score
And we speak natively different languages 🤣
So looks like Michael Andretti may have been booted out of Andretti Global by his largest investor. Wonder if this means the F1 program is dead.
racer.com
Michael Andretti steps back from Andretti Global ownership role
Daniel Towriss, CEO of the Group 1001 insurance and financial services company based in Zionsville, Indiana, and primary investor of Andretti Global, has taken control of the business. Team co-foun…
racer.com
Hmmm "Micheal Andretti willingly handed over the reins to the company that bares his name..." that is very unusual unless they've got something dirty on him.
According to this news articleSo looks like Michael Andretti may have been booted out of Andretti Global by his largest investor. Wonder if this means the F1 program is dead.
Michael Andretti steps back from Andretti Global ownership role
Daniel Towriss, CEO of the Group 1001 insurance and financial services company based in Zionsville, Indiana, and primary investor of Andretti Global, has taken control of the business. Team co-foun…
Andretti SPAC Raises $200 Million at IPO, Rules Out Sports Team Buy
A blank-check business formed by Michael Andretti raised $200 million in an IPO. The SPAC seeks a business inside or outside motorsports.
www.sportico.com
So, is that a sneaky way of saying Andretti WILL buy a F1 team, just not with the SPAC money but from money elsewhere?
Once this story about Andretti gets traction it will be interesting to see which narrative is right, the one from within the sport saying there is some rift between Michael and Daniel with Daniel forcing Michael out OR that Michael no longer wants to be involved in the operational side of the company because he want's to take a breather and focus on other things.
$250 million would get you maybe 25% of the cheapest team on the grid right now.
If he is serious about buying an existing team (many pundits feel Renault is preparing the Alpine team for sale post-2026), he is going to need many multiples of what he has raised so far.
If he is serious about buying an existing team (many pundits feel Renault is preparing the Alpine team for sale post-2026), he is going to need many multiples of what he has raised so far.
According to this news article
Andretti is not interested in buying a F1 team. Andretti created a SPAC (special purpose acquisition company) a number of years ago but has only just recently filed for an IPO in March 2023. They are looking to raise $200 to 250 million. From what I've read about SPAC, the company has between 18 to 24 months to spend the money raised in an IPO or the money goes back to it's investors. If they were able to raise that amount of money it would mean Andretti has $200 to $250 million to buy something BUT as you can read in the article he says he is not going to buy a F1 team with it.Andretti SPAC Raises $200 Million at IPO, Rules Out Sports Team Buy
A blank-check business formed by Michael Andretti raised $200 million in an IPO. The SPAC seeks a business inside or outside motorsports.
So, is that a sneaky way of saying Andretti WILL buy a F1 team, just not with the SPAC money but from money elsewhere?
Once this story about Andretti gets traction it will be interesting to see which narrative is right, the one from within the sport saying there is some rift between Michael and Daniel with Daniel forcing Michael out OR that Michael no longer wants to be involved in the operational side of the company because he want's to take a breather and focus on other things.
Wasn’t Zak Brown appointed to the BOD of Andretti Acquisition Group last month? My read on this was an effort to facilitate Andretti entering F1?
Edit: Apologies, I missed it in the article.
Last edited:
That article is over two years old, and refers to the first SPAC.
Brown was also a director of the second SPAC company, incorporated in May 2024, and resigned at the end of last month.
The sudden timing of the Andretti's role change, as well as the lack of detail in the plan going forward, does suggest that it was unexpected, or at the least prematurely leaked before whatever process may have already been in motion could be finalized and announced.
Of course, that has lead to all sorts of wild speculation as to what happened and why it happened, and it's natural to be cynical these days that it was the result of some sort of power struggle, or schism between Towriss and Andretti.
Who knows? And who cares, really? As long as the team continues it shouldn't really matter, though it would be a shame to see a pretty successful driver who has built his own successful racing endeavor (encounters with F1 aside on both counts), no longer a part of it.
With regard to its F1 ambitions, that also remains to be seen. Andretti did himself no favors in his approach to getting into F1, so if the effort is still ongoing, that may actually help the cause, if he personally won't be part of it. At least there would be an American team in the sport. Sorry, Gene.
That effort was going to be bankrolled primarily by Guggenheim anyway. Towriss is rich by everyman standards, but he's not that rich, and runs an insurance company.
Mark Walter, of Guggenheim Partners, is wealthier than Penske, the series owner, and is a money man, and already owns several sports ventures, including as lead partner of the Dodgers. Towriss isn't in the Walter/Penske/Stroll strata of wealth.
If Zach Veach hadn't chatted up Towriss at church a few years ago, Towriss might have never gotten on the path he's on now, first as an Andretti team sponsor, and all the associations that have developed since.
Brown was also a director of the second SPAC company, incorporated in May 2024, and resigned at the end of last month.
The sudden timing of the Andretti's role change, as well as the lack of detail in the plan going forward, does suggest that it was unexpected, or at the least prematurely leaked before whatever process may have already been in motion could be finalized and announced.
Of course, that has lead to all sorts of wild speculation as to what happened and why it happened, and it's natural to be cynical these days that it was the result of some sort of power struggle, or schism between Towriss and Andretti.
Who knows? And who cares, really? As long as the team continues it shouldn't really matter, though it would be a shame to see a pretty successful driver who has built his own successful racing endeavor (encounters with F1 aside on both counts), no longer a part of it.
With regard to its F1 ambitions, that also remains to be seen. Andretti did himself no favors in his approach to getting into F1, so if the effort is still ongoing, that may actually help the cause, if he personally won't be part of it. At least there would be an American team in the sport. Sorry, Gene.
That effort was going to be bankrolled primarily by Guggenheim anyway. Towriss is rich by everyman standards, but he's not that rich, and runs an insurance company.
Mark Walter, of Guggenheim Partners, is wealthier than Penske, the series owner, and is a money man, and already owns several sports ventures, including as lead partner of the Dodgers. Towriss isn't in the Walter/Penske/Stroll strata of wealth.
If Zach Veach hadn't chatted up Towriss at church a few years ago, Towriss might have never gotten on the path he's on now, first as an Andretti team sponsor, and all the associations that have developed since.
How may F1 teams are US Dollar funded? US Owned? F1 as a brand is US owned now.. Within a decade F1 will be 100% a US brand, and we will see the merge of Indycar+F1 into a US venture that sees less and less events offshore and more and more US events...
We will see the rise of more Middle East events, and fewer European events, I think F1 is on the decline as an European based series... It has that feel to it, just me reading the writing on the wall.. seeing all the US Dollars and the multiple events now in the USA..5 if you count Canada/Mexico.. 20% of all races in the 2024 series happens in the North American region.. that is a lot..Scary stuff..
We will see the rise of more Middle East events, and fewer European events, I think F1 is on the decline as an European based series... It has that feel to it, just me reading the writing on the wall.. seeing all the US Dollars and the multiple events now in the USA..5 if you count Canada/Mexico.. 20% of all races in the 2024 series happens in the North American region.. that is a lot..Scary stuff..
With F1 being US owned you'd think they'd push for another US owned team... but I'm glad they don't.
I keep hoping Haas will sell to someone in Europe/UK ...
I keep hoping Haas will sell to someone in Europe/UK ...
F1 is a "World Champsionship" so, IMO, it should be held across the world and not just Europe, which continues to remain where the plurality of events are held.
Europe: 38%
North America: 21%
Asia: 17%
Africa (Middle East): 17%
South America: 1%
Oceania: 1%
Europe: 38%
North America: 21%
Asia: 17%
Africa (Middle East): 17%
South America: 1%
Oceania: 1%
Agreed. It would be ridiculous to have a World Series competed in just one country!
😝
Luckily the World Series in baseball includes teams from Canada too. 😉
Last edited:
The US AND Canada? Truly globally encompassing then! 🤪
Personally I hope F1 continues to be a global sport.
Fair point well-made, they are subjects of King Charles and thus by proxy the UK joins in as well. Better be ready for have a tea break every 2nd inning
If all the teams, the event owner are all US based, is it a world series? I am not sure it is a "sport" as it is 100% either entertainment or a circus, I doubt circus acts are listed as sports according to the IOC list of sports [if the IOC does have a list...do they even know what a sport is..that rayban thing comes to mind..]...But those are for decades ahead to decide, for now it is 40% Europe, and 60% Asia/N America/Middle East.. That is a worry though..Could we see a reduction in the 40% European events?
I'm pretty sure all the comments about baseball have been sarcastic. It clearly isn't a "World Series". Some goofy sensationalist promoter actually coined the term for American football way back in 1902. Then baseball glammed onto it. At that time the USA was pretty much the only country playing basball, and that type of football.
"The term "World Series" was first used in reference to professional football, not baseball. In 1902, Tom O'Rourke, a New York promoter, came up with the idea of playing a series of indoor football games on New Year's Day, 1903. The winner of the games would be declared the world champion.
The first modern World Series game in Major League Baseball was played on October 1, 1903. The 1903 World Series was a best-of-nine series between the American League champion Boston Americans and the National League champion Pittsburgh Pirates. Boston won the series five games to three.
There are a few theories about why the World Series is called the World Series, including:
- The World Series features the best players in the world.
- The name may have been inspired by the New York World newspaper, which sponsored early championship games. However, there is no evidence that the newspaper organized the matches or named the series"
I mean in a way, as good as all teams are actually based in the UK. Well besides Ferrari, VCarb whatever, and Haas although they are but are not
But it gets worse when you include other motorsports. So by that definition motorsport is actually a UK sport globally
if it comes down to a NYY/lad WS I'll be rooting for NYYWell done. I had an urge to "Stretch" 3/4 of the way through.
Let's go Yankees.
With Michael Andretti stepping down as the company boss I wonder if F1 would be more receptive of having an Andretti F1 team now they know they will not be dealing with the man himself because he comes across from videos and interviews about the man as someone who is very combative and obstinate, someone who rubs people up the wrong way and I feel that is something F1 did not want. Maybe now with a different management team in place running Andretti, F1 might reconsider their thoughts about Andretti being in F1.
FOM seems to want GM/Cadillac in F1, which is why they were receptive of a 2028 entry when the PSU is expected to be ready. And now with Renault/Alpine no longer a factory team as of 2026, I can only expect their desire to get Cadillac in is that much stronger. FOM seems to prefer to get Cadillac without also getting Andretti, but if Michael has no administrative role in the team, that could be enough for them.
It would be ironic if Cadillac has to buy out the Alpine or VCARB team to get in, but Guggenheim probably has the capital.
It would be ironic if Cadillac has to buy out the Alpine or VCARB team to get in, but Guggenheim probably has the capital.
Funny how is his actual F1 career has been more successful than his would be F1 career...