F1 News: Andretti receives a major financial boost in quest for F1 entry
Andretti's intentions of joining Formula 1 have been well-established for some time, with the American outfit highly enthusiastic about joining the grid.
Michael and Mario Andretti have often expressed their frustration in the last 12 months as they face significant resistance in their quest to join Formula 1.
However, in recent months, these senior figures at Andretti have been relatively quiet about their F1 bid, which could serve as an encouraging sign for their prospects.
According to a report from IndyStar, Andretti is growing in confidence about their chances of successfully earning entry on the grid.
Michael Andretti has explained the timeline for a potential decision on F1 entry:
"We're hoping in the next couple of weeks. That would sure be a nice Christman present... We're working every day.
"I'm still confident. We're getting close. We haven't gotten the 'OK' yet, but we're getting really close."
Some of the teams already in Formula 1 have expressed their scepticism at Andretti's ability to compete in the sport, outlining that they must demonstrate their value.
There is also the issue of some teams being unwilling to sacrifice prize money to accommodate a new entry.
Ultimately, the opinions of team principals trying to safeguard their own teams' interests seem quite irrelevant.
The FIA will ultimately have the last say, although F1 CEO Stefano Domenicali has also downplayed the need in Formula 1 for another team.
It seems Andretti will need additional firepower to guarantee their entry into the sport, and they have reportedly achieved this backing.
One of the names Michael Andretti thanked in unveiling the new team's new facility was Mark Walter, the CEO of Guggenheim Partners.
This is a global investment firm with over $285 billion in assets. It is possible that they help provide Andretti with the financial backing to emphasise their ability to compete in Formula 1.
There is no definitive way of measuring how successful a new entrant in F1 will become, but it seems reasonable to use financial expenditure as a metric.
Looking forward, Andretti's chances of joining the field appear increasingly high.