Andretti looking at F1 Team *New Team application made*

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#16

Post by Vassago »

Bottom post of the previous page:

Ralf Schumacher (currently a Sky Germany expert) says Andretti has bought 80% of the Sauber shares. RTL has run this story as well.

https://sport.sky.de/formel1/artikel/fo ... 1709/34270

https://www.rtl.de/cms/formel-1-ralf-sc ... 53192.html

https://www.gpblog.com/en/news/96924/no ... romeo.html
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#17

Post by Everso Biggyballies »

Vassago wrote: 2 years ago Ralf Schumacher (currently a Sky Germany expert) says Andretti has bought 80% of the Sauber shares. RTL has run this story as well.

https://sport.sky.de/formel1/artikel/fo ... 1709/34270

https://www.rtl.de/cms/formel-1-ralf-sc ... 53192.html

https://www.gpblog.com/en/news/96924/no ... romeo.html
Yeah, same is being reported here in our local Motorsport media.
Next gossip will be re Colton Herta I think.... even Mario Andretti has been pushing Herta's boat and saying that the only way American drivers will get into F1 is via an American owned team and that Herta should be there in F1. Mind he also thinks America should have even more races on the F1 calendar, saying F1 wants / needs America. That latter issue all sounds to me like a propaganda mission to drum up some American sponsorship (for an American controlled team) for what I assume will be a done deal with Andretti controlling Sauber.

At least they are starting on a better footing that the last American effort, the stillborn USF1 project. :rofl:

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#18

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Hey, there was a time I really thought Jonathan Summerton will be a full-time F1 driver :whistling:
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#19

Post by MonteCristo »

And apparently now the deal is off?
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#20

Post by Everso Biggyballies »

MonteCristo wrote: 2 years ago And apparently now the deal is off?
Yes it seems it is now a 50/50 chance.
Apparently the sticking block now is that Islero (the investment group that currently owns Sauber) feel that the team will be worth more in two years time and might be better hanging on. The main shareholders of Islero are split down the middle, half for it half for staying as is.
It seems that the asking price is now too high, and over the US$250 million that Andretti are said to have offered..

One thing I have noticed is that the report referring to the deal being in trouble is dated pre last weekends race.... that would explain why the Herta driving in FP1 rumour and an announcement never happened.

The report I have seen.
https://the-race.com/formula-1/andretti ... et-happen/

Also a video report of the breakdown which explains more fully. (And is dated today)
Apparently this breakdown talk all stems from a report in the German Auto Motor und Sport news outlet


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#21

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Ruslan wrote: 2 years ago Love to see this, but I am still not sure if it is likely. I am not sure if Andretti has the financial assets for F1.
https://www.gptoday.com/details/view/80 ... omeo_deal/
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#22

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So, Zhou Guanyu is back as the lead option for the second Alfa Romeo seat? :whistling:
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#23

Post by Everso Biggyballies »

Vassago wrote: 2 years ago So, Zhou Guanyu is back as the lead option for the second Alfa Romeo seat? :whistling:
30 million Euros in sponsors is quite an incentive to employ him. :wink:

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#24

Post by PTRACER »

Everso Biggyballies wrote: 2 years ago
Vassago wrote: 2 years ago So, Zhou Guanyu is back as the lead option for the second Alfa Romeo seat? :whistling:
30 million Euros in sponsors is quite an incentive to employ him. :wink:
And also good publicity for China to have a Chinese driver in F1. Though not at all helpful given China has been off the calendar for two years.
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#25

Post by Ruslan »

Everso Biggyballies wrote: 2 years ago
Vassago wrote: 2 years ago So, Zhou Guanyu is back as the lead option for the second Alfa Romeo seat? :whistling:
30 million Euros in sponsors is quite an incentive to employ him. :wink:
Well, I gather he is decent driver. Someone who would be considered regardless, although 30 million helps.
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#26

Post by Vassago »

I don't think China would suffer much even when not hosting a Grand Prix on Zhou's potential watch. It's more important to host a GP for Gulf countries like UAE or Qatar because they have zero chance of finding an F1 driver (unless Ed Jones suddenly waves his UAE license). And Zhou has actually shown some pace in F2.
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#27

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So now the deal might not happen after all. Well we all know these things aren't guaranteed until the names are signed on the contracts, even then they seem to have a way of wriggling out of them if they have a mind to.
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#28

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It always seemed a little too rich. Andretti’s net worth is estimated at $40M. How does he finance a $600M deal? This is $tuff for slightly fizzy drink manufacturers, it is not affordable for real racers.
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#29

Post by Everso Biggyballies »

Ruslan wrote: 2 years ago It always seemed a little too rich. Andretti’s net worth is estimated at $40M. How does he finance a $600M deal? This is $tuff for slightly fizzy drink manufacturers, it is not affordable for real racers.
Im not sure of the small print but one thing I know is that Andretti had newly created the Andretti Acquisition Corporation and that has previously been considered a key element in funding the deal. One suggestion is that Herta’s sponsor Gainbridge is involved. I do recall reading somewhere their limit of funding was set at US$250 million so I presume that he has a few potential investors (ie Gainbridge +) as banding together to form some form of consortium. As I say not sure of the workings of how it was to be but I have seen many mentions of this Andretti Acquisition Corporation being a key factor.


Edit: Tried to find out about this 'acquisition company' and it seems to be some form of share selling money raising thing.... this exlains in more detail:
https://www.renaissancecapital.com/IPO- ... illion-IPO


This might be a better in laymans terms explanation...https://www.speedsport.com/indycar/ntt- ... p-created/

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#30

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Everso Biggyballies wrote: 2 years ago I do recall reading somewhere their limit of funding was set at US$250 million so I presume that he has a few potential investors (ie Gainbridge +) as banding together to form some form of consortium.
I remember the figure of $250 million being batted about. That may have been doable. Obviously the Sauber owners thought they could command more. Maybe waiting for a Canadian or Russian billionaire to step up?

The sad thing is that Fomula One teams used to be owned by drivers, former drivers, teams managers from lower formulas, etc. Now…. are there any real racers owning any of these teams?
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