Serious People Backing Ex-F1 Boss For 12th Team With Car Manufacturer On Board

Former Alpine boss Otmar Szafnauer says he has “serious people” backing his plan to create a 12th Formula 1 team.

The F1 grid is set to expand with Cadillac joining, but Szafnauer is pushing to add another team.

Otmar Szafnauer pushes forward with 12th F1 team plan

Szafnauer, who left Alpine in 2023, revealed details of his potential new team project.

"The finances are in place," he told The Race. "What I can tell you is that the financiers are serious people and they have the financial wherewithal to be able to fund a Formula 1 team.

"The car manufacturer that also wants to join Formula 1's in place.

"It's just a matter of the timing being right to actually get the opportunity to start the 12th team."

Recognizing the difficulty new entries face (like Andretti), Szafnauer stated his investors are also open to purchasing an existing team.

"Perhaps in the near future, there might be some for sale," he hinted. "The asking price or the transaction price [must be] a reasonable one for both sides.

"It's difficult when people aren't selling and I understand why – there's a new Concorde [agreement] coming [for 2026-30]... So hopefully, and in the not too distant future, some of them will say, 'You know what? I've had my time in Formula 1, perhaps it's a good time to sell'."

Team values are reportedly over $1 billion, suggesting a high price for any potential sale.