The president of Formula 1 owner Liberty Media isn’t planning to increase the number of teams on the grid despite interest from Andretti.
Greg Maffei spoke as Mario Andretti and son Michael attempt to build support for a potential entry to F1.
Formula 1 last saw a newcomer join the sport in 2016 with Haas also becoming the first American F1 team since Shadow in 1970s.
Manor Racing collapsed in January 2017 which left just a mere 10 teams on the grid.
Maffei said the value of those teams has increased since Liberty “created them as franchises” following their takeover of F1.
“Historically there had been as many as 15 or 20 teams on the grid,” he told Bloomberg. “It got down to 10 right when we entered the sport.
“Manor, which was the 11th team, went into receivership in the UK, went into bankruptcy and got sold for a pound.
The 61-year-old explained that as the 10 F1 teams are franchises their value has increased which has attracted interest in the sport.
“Now the bottom team, because they’re all locked in as franchises, is worth $400 million minimum, maybe more. And I think you’re seeing numbers discussed as much as $1 billion for a team or $2 billion for a team. That attracted investment, that attracted interest.”
Despite a recent push for an 11th team on the grid Maffei reiterated that an additional entry isn’t their main priority at the present time.
“There is a potential that we may increase the teams over time,” he said. “I don’t think it’s a pressing need.
“There are a lot of people who would like us to do it. Most of them want to buy in, but we haven’t we have not felt that need.”
He claimed adding teams could present logistical complications at some venues. “In some cases are actually problems,” he said.
“The paddocks, the garages, there’s some places that really don’t have more than 10 garages. So their challenge is literally around the the dynamics of putting an 11th team on the track.”