Former Alpine boss Otmar Szafnauer said he has “serious people” backing him as he looks to create a 12th Formula 1 team.

The F1 grid will expand by one next season as Cadillac join but Szafnauer is hopeful he can add another name to the list.

Otmar Szafnauer pushes forward with 12th F1 team plan

Szafnauer was relieved of duties by Alpine in 2023 but has been searching for a way back, this time as part of a founding team.

In February, he told PlanetF1.com he was not done in the sport and has now revealed his plans for a potential 12th team.

“The finances are in place,” he told the Race. “What I can tell you is that the financiers are serious people and they have the financial wherewithal to be able to fund a Formula 1 team.

“The car manufacturer that also wants to join Formula 1’s in place.

“It’s just a matter of the timing being right to actually get the opportunity to start the 12th team.”

But as Andretti found out, it is not as simple as arriving on the grid with the American family facing constant rejection from F1 over fears they would dilute the prize pool.

With that in mind, Szafnauer said the investors would also be open to purchasing one of the existing outfits.

“Perhaps in the near future, there might be some for sale,” he hinted.

“The asking price or the transaction price [must be] a reasonable one for both sides.

“It’s difficult when people aren’t selling and I understand why – there’s a new Concorde [agreement] coming [for 2026-30], that’s all been agreed.

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“And thereafter, there are nine owners and they all have different outlooks on life, on Formula 1, on how long they want to be in, on the reasons they’re in.

“So hopefully, and in the not too distant future, some of them will say, ‘You know what? I’ve had my time in Formula 1, perhaps it’s a good time to sell’.”

If a Formula 1 team owner does decide to sell, they would likely fetch a sizeable figure with reported values of each team over $1 billion.

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