Formula 1 Teams Reportedly Turning Down Eye-Watering Offers To Sell Spot On The Grid

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Not all that long ago, Formula 1 was a barely talked about sport in the United States.

While some of us were watching Michael Schumacher fight wheel to wheel with Mika Hakkinen at ungodly hours of the morning, the rest of the country was getting its beauty rest.

But then Netflix got involved.

The Drive to Survive series took off across not only the country, but the world. And suddenly, Formula 1 is the new must-watch sport for all the cool kids.

For those invested in the sport, that means more money. Much, much more money.

There are currently 10 teams and 20 cars on the Formula 1 grid, and current team owners appear content to keep that number where it is. That means anyone interested in entering the sport much purchase an existing team.

Previously, this may not have been a big obstacle. As teams struggled to keep up with the costs of operating an F1 team, they’d often leave the grid and look to sell.

Now, however, team valuations are skyrocketing according to F1 CEO Stefano Domenicali.

“There were teams in the past that were sold for £1. Now the market is offering almost billions to teams, and they are refusing that,” Domenicali said on the Beyond the Grid podcast. “That gives you the perspective of what we are building as an ecosystem. We are building important structures, important dynamics. The more everyone is growing, the stronger the business platform that we are all working in.”

That new might not sit well with IndyCar owner Michael Andretti. Andretti, the son of legendary driver and former F1 champ Mario Andretti, was hoping to enter a new team into the fray.

Andretti planned to do so with the backing of automotive giant Cadillac. And at one point a deal looked likely.

But now that’s no longer the case. And Andretti may need to scrounge up quite a bit of cash to find his way onto the grid.