FIA wants more teams in Formula One

Formula One's governing body the FIA is ready to start a process for new teams to enter the championship.

The move from the organisation's president, Mohammed Ben Sulayem, could open the door to American Michael Andretti's Andretti Global F1 project, which has so far met little encouragement from most existing teams and Formula One management.

Hong Kong-based billionaire Calvin Lo has also talked of entering a team.

"I have asked my @FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA @F1 World Championship," FIA head Ben Sulayem posted on Twitter.

US-owned Haas are the most recent completely new outfit to enter Formula One, debuting in 2016 when the sport had 11 teams until the demise of Manor Racing before the start of the 2017 season.

Manor were one of three new teams, all now defunct, which entered in 2010.

Formula One chief executive Stefano Domenicali said last September that the sport, which could have a record 24 races this year, did not need more than 10 teams.

McLaren and Renault-owned Alpine have been supportive of Andretti's plans but other teams have questioned the commercial benefit of a new entrant.

The current version of the 'concorde agreement' between teams, FIA and Formula One stipulates the 10 teams split their share of the sport's revenues and any new entrant would dilute the pot.

For that reason, any new arrival must pay a $US200 million ($A294 million) fee to enter, with the money shared by the existing teams as compensation.

Having a new American-owned team in a sport that will have three rounds in the United States this year, including a night race in Las Vegas, might appeal to the sport's US-based owners Liberty Media.

Andretti, son of 1978 world champion Mario, is already involved in IndyCars, Formula E and Extreme E.

Formula One will have a new power unit from 2026, when Audi will turn Swiss-based Sauber into their factory team.