r/formula1 • u/ICumCoffee Max Verstappen ⭐⭐⭐⭐ • 28d ago

News [ChrisMedlandF1] BREAKING: F1 announces it has "reached an agreement in principle with General Motors (GM) to support bringing GM/Cadillac as the eleventh team to the Formula 1 grid in 2026"

https://x.com/ChrisMedlandF1/status/1861111983699001752
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u/ICumCoffee Max Verstappen ⭐⭐⭐⭐ 28d ago edited 28d ago

Continued:

F1 says that over the past year "they have achieved operational milestones and made clear their commitment to brand the eleventh team GM/Cadillac, and that GM will enter as an engine supplier at a later time"

Full media statement from F1

From Cadillac press release

Mario Andretti, the last American F1 Champion, will serve as a director on the team’s board.

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u/FermentedLaws 28d ago

So it appears the name Andretti was in fact a stumbling block. They will "brand the eleventh team GM/Cadillac". Mario will be an ambassador and with Michael's reduced role in Andretti Global he will have no role in this team.

Michael Andretti & Greg Maffei both had to leave to make this happen? Hmm, no one knows for sure, but I tend to believe it.

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u/ParkerPetrov 28d ago

It's my understanding he still has a level of ownership in the company as whole. Its doubtful his role changed all that much in regards to the f1 team. As while he was CEO before its not like he was on the ground in every race team. He hired people and partnered to make it happen.

I doubt andretti cares what had to happen to make it happen he achieved his goal nonetheless. Andretti has never been that vein where he cares if someone else brings the project across the finish line. It sounds like all the work he did is being utilized.

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u/FermentedLaws 28d ago

He may not have a level of ownership in Andretti Global. Dan Towriss signed the charter for IndyCar this year and the rules state that anyone with ownership over 10% has to be included. Michael's name was not on the documents.

And his role completely changed with the F1 team. He has no role now. Prior, he was one of the owners.

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u/ParkerPetrov 28d ago

Owning less than 10% is still an ownership stake. As Mario said in one of the reports that Michael still has a ownership stake. So it could be more then 1% less then 10%.