Otmar Szafnauer, the former Aston Martin and Alpine Formula 1 team principal, has revealed new details about his ambitious plan to spearhead a 12th entry into Formula 1 — including having serious financial backing and a car manufacturer lined up, ready to power his prospective team.
Earlier this month in Miami, Szafnauer announced that he was leveraging his vast experience to put together a credible bid to join motorsport’s elite at a moment’s notice should F1 decide to open the door to a twelfth entrant.
Speaking on The Race’s recent Team Principal Podcast, the American shared more details on his endeavor, a project that he has been working on “quietly in the background for over a year”.
“The finances are in place,” he said. “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 is in place.”
Sounds promising, but who are these mystery backers?
Szafnauer’s keeping his cards close, admitting only that “it’s just a matter of the timing being right to actually get the opportunity to start the 12th team.”
A New Team or an Existing One?
The veteran F1 boss isn’t just banking on a new team slot opening up – he’s also got his eyes on existing teams.
“And perhaps in the near future, there might be some for sale,” he teased, noting his investors are open to buying a team if “the asking price or the transaction price is a reasonable one for both sides.”
But he’s realistic about the challenge, adding: “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.
“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.”
He’s hopeful, though, that some might soon wish to cash in their chips, and say: “You know what? I’ve had my time in Formula 1, perhaps it’s a good time to sell.”
Read also: Cadillac F1 aims to exceed expectations, says TowrissSzafnauer also noted that acquiring an existing operation could offer a more cost-efficient path to the grid.
He estimates a difference of between “10% and 30%” in costs between starting a team from scratch versus purchasing an existing one, depending on the sale price agreed and the money required for investment versus the anti-dilution fee new teams must pay.
Aiming for 2028 or 2029
Despite the uncertainty around if or when Formula 1 will approve a 12th team, Szafnauer is determined to be ready. He expects the earliest a new outfit could realistically debut would be 2028 or 2029 — timelines that assume serious hiring and infrastructure work begins almost immediately.
“I think with the resources I’ve put together, within a short time, I could be competitive,” he said.
“I would hire the right individuals, I think I can get them to come. The car manufacturer that will produce a powertrain will be very competent.
“And the financial backing that I’ve been able to put together means that we would have a new wind tunnel, new R&D facilities, new factory – a little bit like what Lawrence Stroll did [with Aston Martin].
“That probably takes two to three years from a standstill — but in those two to three years, if you put the right people together, you can also develop the simulation tools you need to be competitive, then within three to four years be competitive.”
Szafnauer pointed to his experience at British American Racing as a blueprint.
“When I was at British American Racing, in year two [2000] we finished tied fourth in points in the world championship [with Benetton], and we started from nothing – three employees. I was operations director then, so I remember what it took to do that.”
A Return on His Own Terms
What makes this project different from past roles, Szafnauer says, is that he would return to F1 not just as a team principal, but as a co-owner – inspired by the model of Mercedes boss Toto Wolff, who holds a 33% stake in the team.
That desire to have "skin in the game" aligns with his belief that strong leadership needs both control and commitment — and with serious backers and a motivated manufacturer in place, Szafnauer believes the pieces are aligning.
“I don’t know when or if the process for a 12th team will open up, but if it does, I want to be ready,” he said.
“And if it opens up relatively soon, then ’28, ’29 would be a fair timeline to get racing.”
Whether Formula 1’s door opens in time remains to be seen, but Szafnauer is already on the starting grid – waiting for the lights to go out.
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Szafnauer: ‘Finances in place, manufacturer is ready' for 12th F1 team F1i.com.
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