While ready to welcome Michael Andretti into Formula 1, Mercedes boss Toto Wolff has warned he’ll need a hefty bankroll to make it happen.

During the week, Mario Andretti took to social media to reveal his son had submitted an application to the FIA to create a new F1 team for 2024.

The American had attempted to purchase Sauber Motorsport last year, though that deal collapsed over issues relating to the control of the organisation.

Andretti it seems is unperturbed and is now looking at standing up his own organisation.

To do so, he’ll need to stump up a $200 million anti-dilution fee, but Wolff warns he’ll need far more than that to get going.

“Andretti is a [major] name, for sure, and the American market is important,” said Wolff.

“We are the absolute pinnacle, this is the Champions League or the NFL, and redistributing franchises on the go is not how it should be. It’s not the intention of F1 and the FIA either.

“But if a real brand with good people, necessary funding, not only the $200m but probably you need more around $1bn if you want to play in this club straight from the get-go – then why not?”

The $200 million anti-dilution fee is a means to ensure only serious efforts attempt to enter the sport, seemingly warding off moonlighters such as Stefan GP and others.

It also compensates the rest of the F1 field as the prize money is divided among more operations, thereby reducing everyone’s slice of the cake.

“They’re not the only ones that are making noises about coming in,” said Red Bull’s Christian Horner of Andretti’s apparent interest.

“But there is a clear criteria through the Concorde Agreement that has to be met and approved.

“I’m sure they’re engaged in that process.

“Of course, that agreement is there to protect the 10 incumbents and not to dilute that, so obviously, that would need to be carefully looked at.”

The Formula 1 grid has featured just 20 cars since Manor closed its doors at the end of 2016, though has routinely seen greater numbers throughout its history.

During the 1980s such was the interest that lesser teams took part in pre-qualifying as demand for a starting spot far outstripped supply.

However, the sport has become far more professional in the decades since then, with a franchise system now in place that limits the entries to, according to McLaren’s Andreas Seidl, 24.

The McLaren boss supports Andretti’s efforts, noting the impact it would have for the sport in the United States.

“We definitely would welcome the Andretti team,” he said.

“The Andretti name and US team, which will help to grow the sport further in the US, I think will also open up simply more possibilities again to get young drivers in the more teams we have.

“And in the end, the earlier we get to 12 teams, for example, which is the maximum we can have, I think would just help to drive the franchise value even higher for us teams.

“So absolutely open for it, and we’d love to compete with them.”

Mario Andretti has clarified since that the new squad would be based out of the United Kingdom, and likely feature Colton Herta among its driver roster.