Mario Andretti, the 1978 Formula 1 championship winner and holder of four IndyCar titles, has announced that his son intends to enter a team in the 2024 F1 season.

Andretti made a short announcement on Twitter last week, stating that Michael Andretti had applied to the FIA to "field a new team starting in 2024." According to the elder Andretti, his son is awaiting the FIA's approval.

According to Motorsport.com, Michael Andretti confirmed his application but would not further comment on the matter.

This should come as no surprise as Andretti tried to purchase Alfa Romeo F1 last year, but the main shareholder of the team, Finn Rausing, refused to sell.

To us, this sounds like Ford V Ferrari all over again. An American brand tries to buy an Italian team, only for the Italians to refuse…

The timing is good as well. The FIA will implement new engine rules in 2026, drastically cutting the development cost. In 2026, there will also be a cap on how much you can spend on a new engine. That makes the playing field more level for a team captained by Andretti. Before, such a team would be unable to compete with Red Bull, Ferrari, and Mercedes-AMG.

Although Haas is technically an American team, it would be nice to see two teams from the USA competing in the sport. More than this, Andretti is rumored to be looking into an American driver on the grid.

Thanks to Liberty Media's brilliant coverage and shows like Drive to Survive, there is renewed interest in the sport. Over the last few years, American sponsors have jumped on board, and the addition of the Miami Grand Prix makes it an even better investment.

Michael Andretti, also a former IndyCar champ with a penchant for cars like the Dodge Demon, has experience running a team. He also drove a single season of F1 in 1993 for McLaren but is now semi-retired and the owner of Andretti Autosport, which competes in various formulas.

Unfortunately, getting the 11th team on the grid is not as easy as it may seem. Entries are currently governed by what the FIA calls the Concorde Agreement. It covers everything from entry fees to how the prize money is awarded.

The current Concorde Agreement is in effect until 2025, before the new regulations come into play. As it currently stands, a new team has to pay a $200 million entry fee, and they are excluded from the first year's prize money. It's worth noting that several teams have tried to join F1 in recent years, but the Concorde Agreement was the main thing standing in the way.

The agreement is due for another upgrade, but getting legacy manufacturers like Mercedes-AMG Petronas to sign will be an uphill battle. What if Andretti enters and wins straight out of the gate? Stranger things have happened.

According to inside sources, Andretti will start work on the team in 2024, making sense. That gives two years' worth of talent-finding and engineering work before it enters the all-new format Formula 1 in 2026.