Formula 1 have reached an agreement with General Motors (GM) for them to become the 11th team on the grid in 2026. The new outfit will compete under the banner of GM/Cadillac, with former world champion Mario Andretti serving on its board.

In a released statement, F1 said that since their first application was rejected, the group had "achieved operational milestones and made clear their commitment to brand the eleventh team GM/Cadillac."

They added that the development would bring fresh intrigue and excitement to the sport.

The statement read: “With Formula 1’s continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport.

“We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1. We are excited to move forward with the application process for the GM/Cadillac team to enter the Championship in 2026.”

F1 CEO Stefano Domenicali added: “General Motors and Cadillac’s commitment to this project is an important and positive demonstration of the evolution of our sport. We look forward to seeing the progress and growth of this application, certain of the full collaboration and support of all the parties involved.”

FIA President Mohammed Ben Sulayem meanwhile, hailed General Motors as a "huge global brand," and gave his full backing to the development. He did however, stress the deal remained provisional at this point.

"I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application," he said. "All parties, including the FIA, will continue to work together to ensure the process progresses smoothly.”

Andretti, 84, won his sole world title in 1978. Through his Andretti Racing group, he initiated the application to F1 and made a series of public appearances in order to raise the publicity around his bid.

In January, he was told his application had been rejected by the FIA, and responded by saying: "I'm devastated. I won't say anything else because I can't find any other words besides devastated."

Current F1 teams were also said to be reluctant for an 11th outfit to come in and potentially dilute the annual prize money. However, the two parties have since worked together to reach an agreement, paving the way for an historic 2026 campaign.