The name Andretti is an iconic name in Formula 1. Michael Andretti wanted to bring the iconic name back on the web with the purchase of Alfa Romeo. Unfortunately, that deal didn’t work out; but all is not lost for Andretti.
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Michael tried to buy the Switzerland-based team over the course of the 2021 season, but nothing came of it. Now a company in which he is a joint investor will go public on the New York Stock Exchange and start its initial public offering there.
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Michael Andretti couldn’t buy Alfa Romeo, but he still has reason to smile
Formula 1 is a lucrative sport that offers many financial benefits to the various direct stakeholders. The name Andretti had been in the starting field for decades and wanted to return to the paddock with the purchase of Alfa Romeo. However, this deal did not go the way of the Italian-American. All hope is not lost, however, as Andretti Acquisition, in which he is a joint investor, is set to go public on the NYSE.
Tomorrow morning Andretti Acquisition Corp. (WNNR.U), the SPAC, which was able to try last fall to bring the Andretti name back to @ F1 by buying @alfaromeoracing, will start trading on @NYSE.
The IPO will begin with an initial price of $ 200 million.
– Nathan Brown (@By_NathanBrown) January 13, 2022
Motorsport analyst Nathan Brown tweeted: “Tomorrow morning, Andretti Acquisition Corp. (WNNR.U), the SPAC that was able to bring back the Andretti name F1 last fall by buying alfaromeorcing, will start trading NYSE. The IPO will begin with an initial price of $ 200 million. “
What does Frederic Vasseur think about the possible takeover?
There was a lot of talk in the F1 paddock about Andretti closing a deal with the Swiss team to bring the iconic name back to the world of F1. However, it never went through. Alfa Romeo’s team boss, Frederic Vasseur, commented on a possible takeover.
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Speaking to Autosport, Vasseur said: “We haven’t stopped the technical side and haven’t slowed down development, that’s for sure. In some discussions, about sponsors, drivers, etc. we had to be a bit present. But in the end it won’t change the situation. It had no effect other than postponing some decisions. “
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Formula 1 F1 – Qatar Grand Prix – Losail International Circuit, Lusail, Qatar – November 21, 2021 Antonio Giovinazzi from Alfa Romeo in action REUTERS / Thaier Al-Sudani
When asked if he felt it was a distraction for the team, Vasseur replied, “No – it was a distraction for me!”
The Swiss team has a new line-up for the 2022 season. After the departure of Kimi Räikkönen and Antonio Giovinazzi, the team entered Valtteri Bottas and F2 driver Guanyu Zhou.
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View story: Toto Wolff swears, Valtteri Bottas Bares: The funniest moments from the journey to survival
What are your predictions for the team? Let us know what you think in the comments section below.
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https://formulaone.news/alfa-romeo/new-record-in-used-car-sales-will-not-be-broken-anytime-soon
