Andretti Acquisition Corp Go Public With $200 Million IPO After Failed Alfa Romeo F1 Talks

Published 01/13/2022, 10:11 AM EST
Michael Andretti Source: Sports USA


The name Andretti is an iconic name in Formula One. Michael Andretti wanted to bring the iconic name back to the grid by purchasing Alfa Romeo. Unfortunately, that deal didn’t work out; but not all is lost for Andretti.

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Michael did attempt to buy the Swiss-based team during the course of the 2021 season, but nothing materialized. Now, a company, in which he is a shared investor, will go public at the New Y0rk Stock Exchange, where they will launch their IPO (Initial Public Offering).

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Michael Andretti couldn’t buy Alfa Romeo, but still has his reason to smile

Formula One is a lucrative sport, and it provides a lot of financial benefits to the various direct stakeholders. The name Andretti had been part of the grid for many decades and wanted to make a return to the paddock by purchasing Alfa Romeo. However, that deal didn’t go the Italian-American’s way. Not all hope is lost though, as a company, Andretti Acquisition, where he’s a shared investor, is set to launch its IPO at the NYSE.

Motor Sports analyst Nathan Brown tweeted, Tomorrow morning, Andretti Acquisition Corp. (WNNR.U), the SPAC that was in position to attempt to bring the Andretti name back to F1 this past fall by purchasing alfaromeoracing, will begin trading on the NYSE. It’s IPO will launch with an initial price of $200 million.”

What did Frederic Vasseur have to say about the potential takeover?

There was a lot of talk in the F1 paddock that Andretti would strike a deal with the Swiss outfit to make the iconic name return to the world of F1. However, it never went through. Team Principal of Alfa Romeo, Frederic Vasseur, gave his thoughts on the potential takeover.

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Speaking to Autosport, Vasseur said, “We didn’t stop at all the technical side, and it didn’t slow down at all the development, that’s for sure. On some discussions, on sponsors, drivers and so on, we had to be a bit present. But at the end, it won’t change the situation. It had no impact, except that we postponed some decisions.”

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Formula One F1 – Qatar Grand Prix – Losail International Circuit, Lusail, Qatar – November 21, 2021 Alfa Romeo’s Antonio Giovinazzi in action REUTERS/Thaier Al-Sudani

Asked if he felt it was a distraction for the team, Vasseur replied, “No – it was a distraction for me!”

The Swiss-based team have a new lineup for the 2022 season. After the departure of Kimi Raikkonen and Antonio Giovinazzi, the team got in Valtteri Bottas and F2 driver, Guanyu Zhou.

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What are your predictions for the team? Let us know your thoughts in the comments section down below.

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Arpit Gomes

1283 articles

Arpit Gomes is an F1 author at EssentiallySports. Currently pursuing his Journalism degree from Xavier’s Institute, he is a big fan of McLaren and their driver Lando Norris and Daniel Ricciardo. Arpit always looks forward to the paddock moving to Spa and drivers dealing with the exciting Eau Rouge corner as well the straight at Monza.

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