An excerpt from an article on The Athletic. This irritates me.
One of the biggest political stories of this year will be the potential expansion of the grid beyond 10 teams. In February, the FIA formally started the process of accepting applications, setting a deadline of April 30 for interested parties to come forward. These will then be assessed by the FIA and F1, considering aspects such as financial support, technical resources and the benefits they would bring to F1. Those interested include Andretti and General Motors, which have signed a partnership to create a new F1 team.
But with F1 enjoying a boom in fan interest and a strong commercial response, teams are wary of letting another team take a slice of the revenue. The Concorde Agreement requires any newcomer to pay a $200 million “dilution fee” that gets split among the existing teams, but the existing teams are looking to at least triple that figure.