Andretti Global and General Motors have joined hands in a bid to enter the Formula One grid under the Cadillac brand, the team announced on Thursday. The collaboration could bring two American powerhouses to the grid in the future. However, it still needs approval from both F1 and the racing’s governing body, the FIA.

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Here’s all you need to know:

Michael Andretti, son of 1978 F1 champion Mario, last year expressed his interest to join the sport in the future but the existing teams were hesitant to welcome an 11th outfit to the grid. FIA president Mohammed ben Sulayem started the new year by announcing that racing’s governing body had opened the process for adding a new team in the future.

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F1 has been fixed at 10 teams since Haas entered the grid in 2016. F1 has since introduced a new budget cap that has reined in some of the crazier budgets, making operating an F1 team less expensive. The exact amount of the cost cap is adjusted depending on how many races are planned for a year, for 2023, that should be $138.6 million, and even ending in 10th position earns a team enough money to cover around 70% of those costs.

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Andretti and General Motors Thursday confirmed their plans to enter an “all-American” team after the FIA’s call. Cadillac’s entry is not the only one being considered by F1 and the FIA as there have been several expressions of interest from other parties.

According to ESPN, the potential Cadillac team would function out of the Andretti Global headquarters currently under construction in Fishers, Indiana, with a satellite facility in Europe, where all 10 of the current teams are based. The team would be known as Andretti Cadillac Racing.

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It is understood they would not join the sport until 2026 at the earliest, according to Sky Sports. Any new entry request needs the approval of both the F1 and the FIA.

Andretti says the combination of his team and the Cadillac brand has the potential to add value to the sport and meet the criteria set by F1 governing body.