Set up as the company underpinning the Andretti F1 bid, Andretti Racing Limited has changed its name to Cadillac Formula Racing Limited.
In January, Formula 1 announced the entry submitted by Andretti Racing Limited had been rejected.
It cited several reasons, among them the fact that the Andretti name in F1 “would bring value to the Andretti brand rather than the other way around.”
Also flagged was the reliance on a customer engine program for its initial seasons, which F1 deemed “would be damaging to the prestige and standing of the Championship,” though it should be noted initial plans were to utilise the compulsory supply clause in the regulations.
That has since changed and the project has announced a deal with Ferrari for power units and gearboxes.
Dated December 11, it came the same date as documents were filed to change the underlying business name to Cadillac Formula Racing.
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Prompting the flurry of activity has been a change in position from F1, which in late November stated that “it has reached an agreement in principle with General Motors (GM) to support bringing GM/Cadillac as the eleventh team to the Formula 1 grid in 2026.”
That statement made reference to both General Motors and TWG Global but not Andretti Formula, despite that being the entity that applied via the FIA’s expressions of interest process last year (which was approved by the governing body).
It was an announcement that came after F1 and Liberty Media were placed under pressure by a Department of Justice investigation in the United States.
Several incumbent team bosses were interviewed as part of that investigation, and the FBI is known to have been active in the paddock during the Las Vegas Grand Prix.
Shortly before F1 announced its change in position, significant changes were made at Liberty Media, with a host of businesses spun off and news that long-standing CEO Greg Maffei would leave the role at the end of the year.
There have been changes within the Andretti project too, with Michael Andretti stepping back and Dan Towriss taking control of the organisation on a day-to-day basis.
Over the Abu Dhabi Grand Prix weekend, ex-Manor F1 boss Graeme Lowdon was announced as the squad’s team principal.
It’s believed a combination of changes within Andretti, Liberty Media, and pressure applied by the DOJ prompted the change in heart by Formula 1 as, name aside, the project is otherwise unchanged.
According to company documents, Towriss is the only registered officer of Cadillac Formula Racing, though it notes Mark Walter has “significant influence or control” of the company. Notably absent is any mention of a significant or controlling interest from General Motors or related individual.
Walter is CEO of Guggenheim Partners, a financial services firm with $325 billion in assets under management.
According to Bloomberg, he has a net worth of USD $13 billion, though that figure varies wildly according to other sources.
Walters also owns a stake in the LA Lakers basketball team, in addition to an interest in the LA Dodgers baseball team, and joined Todd Boehly in purchasing the Chelsea Football Club from Roman Abramovich.
Boehly is the co-founder, chairman, and CEO of Eldridge Holdings, and has a net worth of USD $8.5 billion.
While Towriss is fronting the operation from a business standpoint, it’s believed he represents the interests of Walters.
Below them, Lowdon is bringing the pieces together to ensue the new team hits its marks, as it continues development towards its 2026 berth without the burden of any regulatory restriction.
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