Liberty Media, the company that owns Formula One Group, is currently being investigated by the Justice Department for their decision to deny Andretti Global entry into Formula 1. This news was confirmed by Liberty Media CEO Greg Maffei during a recent conference call. Maffei stated that the company would fully cooperate with the investigation and provide any necessary information.
The rejection of Andretti Global’s bid to enter Formula 1 came in January after a six-month review process. This decision was met with disappointment by both Mario and Michael Andretti, as well as General Motors, who had plans to partner with Andretti under the Cadillac brand. The goal of the bid was to add a two-car American team to the current 10-team grid in Formula 1.
Despite the rejection, Maffei mentioned that Liberty Media is open to considering new entrants into Formula 1 as long as they meet certain requirements. However, the Justice Department has not yet responded to requests for comments on the matter.
Formula 1’s reasons for denying Andretti Global’s entry included doubts about the team’s competitiveness, the perceived value of the Andretti name to the series, and concerns about the challenges Andretti would face in getting on the grid within the next two years.
Mario Andretti expressed his disappointment with Formula One Management’s language in denying the bid back in April. The former Formula 1 world champion took to social media to share his feelings, stating that he was “devastated” by the decision.
In response to the rejection, six U.S. senators urged the Justice Department to investigate the matter further. They raised concerns about Formula 1 potentially favoring individual teams and key stakeholders, including foreign automakers, which could potentially violate antitrust laws.
Overall, the investigation into Liberty Media’s decision to deny Andretti Global entry into Formula 1 continues to unfold, with stakeholders closely monitoring the developments in the case. The outcome of the investigation could have significant implications for the future of the sport and the entry of new teams into the prestigious racing series.