The president of Formula 1 owner Liberty Media has stated that the existing ten teams are "locked in" to their positions on the grid and that he has no plans to expand the number of teams.
Greg Maffei made the remarks as Mario Andretti and his son Michael continued to press F1 teams in favour of their bid to enter the sport.
The last team to join the grid was the American Haas in 2016. Rivals Manor ceased operations at the start of 2017, leaving only ten teams on the grid.
Maffei stated that the value of these teams has improved after Liberty "established them as franchises" after acquiring F1 control.
Historically, there were up to fifteen or twenty teams on the grid, he told Bloomberg. "It was reduced to 10 when we joined the game.
"Manor, the eleventh team, entered receivership in the United Kingdom, declared bankruptcy, and was sold for one pound.
"Now the worst team, since they're all franchises, is worth at least $400 million and perhaps more. And I believe you are hearing estimates as high as $1 billion or $2 billion for a team. That drew both investment and interest."
Maffei suggested it is unlikely that the number of teams would expand in the near future. It is possible that we may increase the number of teams over time, he stated. "I do not believe it to be a vital requirement.
"Many people would like us to do this. The majority of them desire to invest, but we have not felt the necessity to do so.
He suggested that increasing teams might pose logistical difficulties at certain places. In certain instances, there are issues, he stated.
"The paddocks and garages, in some locations there are no more than ten garages. Therefore, their difficulty is essentially the dynamics of fielding an eleventh squad."
