Andretti unhappy with Alfa Romeo: 'Changed terms just before the deadline'

Michael Andretti has been openly working on forming a Formula One team since February. An engine deal with Renault is said to be in place and there have been several talks with F1 teams about a possible takeover. Andretti went furthest with Alfa Romeo, but these talks eventually broke down as well.

Speaking to news agency AP Andretti explained why the takeover didn't go through. "It fell apart because all of a sudden they changed the terms and they wanted to control everything. They wanted veto power on every decision. They changed that two days before the deal was supposed to be signed."

Andretti clearly indicates that he has no intention of taking over a team, only to have no power over the decisions he has to make. As a result, taking over another F1 team seems unlikely and the American must explore the options of starting his own team.

But even that, according to Andretti, is no problem at all. The only roadblock is Formula 1 itself. Andretti has already had several talks with Liberty Media, without success. "Let us have a shot and we will beat anybody else that’s out there. We have great backers. Money is not the issue."