(Finance) – Motor racing Formula 1controlled by Liberty Mediahas reached an agreement in principle with General Motors (GM) to support theGM/Cadillac entry as 11th team on the Formula 1 grid in 2026.
Formula 1 has maintained a dialogue with General Motors and its partners at TWG Global regarding the feasibility of an entry following the commercial evaluation and decision taken by Formula 1 in January 2024, it said in a statement. Over the course of this year, they have made clear their commitment to branding the eleventh GM/Cadillac team and that GM will step in as an engine supplier at a later date.
“With Formula 1’s continued growth plans in the United States, we have always believed that welcoming a high-impact US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring further value and interest to the sport,” he commented Greg Maffei, CEO of Liberty Media.
“The commitment of General Motors and Cadillac in this project is an important and positive demonstration of the evolution of our sport – he said Stefano Domenicali, CEO of Formula 1 – We look forward to seeing the progress and growth of this candidacy, confident in the full collaboration and support of all parties involved.”
“As the pinnacle of motorsports, F1 demands innovation and excellence that pushes the boundaries,” he said Mark Reuss, president of General Motors – It is an honor for General Motors and Cadillac to join the world’s premier racing series, and we are committed to competing with passion and integrity to elevate the sport for racing fans around the world. This is a global stage for us to demonstrate GM’s engineering expertise and technology leadership on a whole new level.”
(Photo: Hanson Lu on Unsplash)