FIA boss Mohammed ben Sulayem wants to start process for more teams to enter F1

FIA President Mohammed ben Sulayem arrives before the third practice session ahead of the 2022 Abu Dhabi Formula One Grand Prix at the Yas Marina Circuit on November 19, 2022. AFP

FIA president Mohammed ben Sulayem says motorsport's governing body is ready to start a process for new teams to enter Formula One.

The move could open the door to American Michael Andretti's Andretti Global F1 project, which has so far met little encouragement from most existing teams and F1 management.

Hong Kong-based billionaire Calvin Lo has also talked of entering a team.

"I have asked my @FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA @F1 World Championship," Ben Sulayem posted on Twitter.

Haas were the last team to enter Formula One back in 2016 taking the total number of teams to 11. That was reduced to 10 the following year after Manor Racing folded.

Manor were one of three new outfits, all now defunct, who entered in 2010.

Formula One chief executive Stefano Domenicali said last September that the sport, which could have a record 24 races this year and is growing in global popularity, did not need more than 10 teams.

McLaren and Renault-owned Alpine have been supportive of Andretti's plans but other teams have questioned the commercial benefit of a new entrant.

The current version of the 'Concorde Agreement' between teams, FIA and Formula One stipulates that the 10 teams split their share of the sport's revenues and any new entrant would dilute the pot.

For that reason any new entrant must pay a $200 million fee to enter, with the money shared by the existing teams as compensation.

Having a new US-owned team in a sport that will have three rounds in the United States this year, including a night race in Las Vegas, might appeal to the sport's US-based owners Liberty Media.

Andretti, son of 1978 world champion Mario, is already involved in IndyCars, Formula E and Extreme E.