Running a Formula 1 team is an ultra-expensive affair requiring a lot of skilled people, great sponsors, impeccable management, and of course loads of money. There is one American team on the F1 grid run by Gene Haas called Haas F1, and there is chatter for an 11th team to enter the sport in the form of Andretti with GM as an engine supplier.
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However, if there was a prospect to add on another team, would former NASCAR Cup Series driver Dale Earnhardt Jr. be able to make the cut as an owner? Well, Junior holds a net worth of around the $300 Million ballpark, but is it enough to own an F1 team?
The economics of owning a Formula 1 team
The average net worth in 2023 for a Formula 1 team was estimated by Forbes to be around $1.88 billion. Top teams like Ferrari and Mercedes hold a value of $3.9 Billion and $3.8 billion respectively. Then there are operating costs that run in hundreds of millions of dollars, even with the cost cap regulations in place.
But since the teams gather a good chunk of their revenue from sponsorships (60% sponsors and 40% central revenue as per Forbes) there could be a chance for someone like Junior to get into the sport, but perhaps as a part owner.
However, Junior still hasn’t considered purchasing a charter to field his JR Motorsports Xfinity Series team in the Cup Series yet, owing to high costs. Hence, it is not likely that Junior will even consider investing a chunk of his fortune in a racing series he has never been a part of directly.
Still, if we were to hypothetically consider Junior starting his own Formula 1 team, which two drivers would he pick for such a project? Would it be someone already on the current F1 grid, the big players like Max Verstappen or Lewis Hamilton? Or would be seek to give someone from the NASCAR grid a chance?
Who could drive for Dale Earnhardt Jr.’s hypothetical Formula 1 team?
Approaching this speculation with some degree of logic anyone would easily point to Kyle Larson as one of the drivers who could adapt to the open wheel racing format. Larson is the kind of driver that can race in practically anything. Put him on any track type or surface, the Hendrick Motorsports driver will show everyone how it is done.
Additionally, with his IndyCar race coming up in the 2024 season, he would also gain some amount of open-wheel experience to carry forward to Junior’s fictional Formula 1 team.
Meanwhile, there can be many drivers to take into consideration for the second seat. One could argue that 23XI Racing’s Tyler Reddick would be a good choice.
Perhaps one could look into IndyCar and pick up someone like Alex Palou, Christian Lundgaard, Pato O’Ward, or Scott McLaughlin. The choices are endless but these few would be the ones most suited to take on a challenge like this.
Is there anyone else on the NASCAR grid rich enough to own an F1 team?
Of course, there is. There are the likes of Joe Gibbs and Rick Hendrick, but owning a Formula 1 team would not be an easy affair despite their massive wealth. Instead, it would take someone else with a gargantuan net worth to attempt something like this and that would be none other than the $3.9 Billion worth of Roger Penske.
Penske already owns a bunch of teams across multiple disciplines of racing, notably in the NASCAR Cup Series and his IndyCar operations. Aside from teams, he is also the owner of the legendary Indianapolis Motor Speedway.
Between Earnhardt and Penske, the latter could practically be the only one with enough capital to potentially enable him to acquire his own Formula 1 team sometime in the future. However, there is no assurance that the FIA or F1 would approve such a move, especially considering how the Andretti Formula 1 entry is already facing numerous issues and obstacles.
