Racing Bulls hit back at 'greedy' claims as 'billion dollars' point raised

Racing Bulls CEO Peter Bayer has insisted that Formula 1 teams are not being "greedy" surrounding Cadillac's entry, with a key matter still to be decided. 

The Cadillac F1 team are preparing to enter the pinnacle of motorsport next year when the new power unit regulations are introduced, initially as a Ferrari customer team. 

However, the plan is to become a full General Motors works outfit from 2028 once its own power unit has been developed. 

Cadillac will become the 11th team on the grid, but is awaiting a final decision from the FIA having reached an agreement in principle with F1 towards the end of 2024. 

On the topic of an 11th team, the current outfits have been vocal in stating that the entry must bring something to F1. 

Bayer insists that he and the entire grid believe Cadillac do add something to F1, but has not been kept up-to-date on its progress. 

"Honestly, I heard that something's going on around the 11th team, but no, we had no warning," Bayer told RacingNews365 in an exclusive interview. 

"But then at the same time, there's nothing we can do about it. It's a decision that's down to the FIA and Formula 1. 

"I think we're all for the same opinion nowadays, it is great to have Cadillac GM joining Formula 1. 

"That's what we always said, if an 11th team comes, it needs to be a team that is really adding value."

Mr. Mateschitz's huge investment

Whilst the teams are not against Cadillac's entry, there remains one key sensitive topic – an entry fee. 

According to Bayer, the 10 current teams are "trying to understand" if F1 will introduce for any new outfit a entry/anti-dilution fee. 

He insists that the calls that teams are against further splitting the prize fund are untrue, with maintaining fairness being the top priority.

"And then at the same time we're also trying to understand from Formula 1 if there will be sort of an anti-dilution support, you can call it entry fee, anti-dilution fee, whatever you want to call it," added Bayer. 

"People might say that we are greedy because we don't want to share the prize money, but honestly that's absolutely not the case, because the prize money is on merit. 

"The team who deserves to be on, P1, two, three, four, five, six, seven, eight, nine, 10, 11, that's the [prize money] share you will get. And we're all competitors, and we're all up to that."

The anti-dilution fee was set at $200 million to be shared equally between the other 10 teams to offset any losses encountered by the addition of an extra team to the prize pot. 

It is a key part of the new 2026 Concorde Agreement, which is currently being discussed by teams and F1. 

Bayer believes all 10 teams over the years have invested over $1 billion, with the argument being that a new team should enter the sport and simply benefit from the hard work which has been done elsewhere. 

"But what people maybe don't know is just take our team, which is a relatively small team in terms of size numbers, compared to the top four, five," explained Bayer.

"If you look back at 2005 and when Mr. Mateschitz was asked to buy Minardi to keep it alive, and you add up what he invested from then until today, cash in. 

"So that's not like things to write-off, or tax optimisation that's proper take my money. Then in the case of our team, and I think it's the same with probably Williams, and the same with all of the teams up and down the paddock, you're talking a billion dollars."