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CHICAGO--(BUSINESS WIRE)--Sep 18, 2023--

The FIA have announced that Andretti Formula Racing are the only team who’ve been approved for a potential team entry into Formula 1. World motorsport’s governing body started a process at the start of this year for potential additions to the grid, with an eye on the new power unit regulations in 2026. The likes of Rodin Carlin, Hitech GP and an Asia-based entry were all considered but Andretti – owned by Michael Andretti, the son of 1978 F1 world champion Mario – are the only team whose application has been approved, following a partnership announced with General Motors’ brand Cadillac. The process now moves onto Formula 1 itself, which said on Monday will “conduct their own assessment of the merits of the remaining application.” “Our objective, after rigorous due diligence during the application phase, was to only approve prospective entries which satisfied the set criteria and illustrated that they would add value to the sport,” said FIA president Mohammed Ben Sulayem. “The FIA is obliged to approve applications that comply with the Expressions of Interests application requirements and we have adhered to that procedure in deciding that Andretti Formula Racing LLC’s application would proceed to the next stage of the application process. “In taking that decision, the FIA is acting in accordance with EU directives on motor sport participation and development. “Andretti Formula Racing LLC was the only entity which fulfils the selection criteria that was set in all material respects. I congratulate Michael Andretti and his team on a thorough submission. I also want to thank all prospective teams for their interest and participation.” Read More Mick Schumacher holds talks with Alpine over 2024 drive Daniel Ricciardo fitness update ahead of Qatar Grand Prix F1 2023 race schedule: When is the Qatar Grand Prix?

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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.

Continuing to untangle itself from the legacy of Covid, Cathay Pacific Airways Ltd. offered its junior pilots the

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