Mario Andretti, a former Formula 1 world champion, is set to join the board of directors for the newly sanctioned Cadillac Formula 1 team, marking a significant milestone as the renowned American car manufacturer partners with Andretti Global to make its debut on the grid in 2026. The journey to this point was fraught with challenges.

Initially, Andretti Global's bid was rejected by the commercial arm of F1 in 2024. However, following a change in leadership within the organization, with investor Dan Towriss taking over from his son, Michael Andretti, and General Motors (GM) increasing its investment, the racing team is now poised to shine.

Mario Andretti, who is thrilled about the development, spoke to NBC News about his dream coming true and his role in the new venture, which includes advising on driver selection and technical aspects. He revealed that the team is in negotiations with Ferrari to supply engines for the initial two years prior to 2028, when they intend to introduce a Cadillac power unit. Andretti's vision is to kick off the team with a mix of an experienced Formula 1 driver and a promising young American talent.

"Formula 1 is akin to the Olympics of motorsports due to its global nature," Andretti explained. "There's a sense of national pride attached to it. We have three unique races that no other country can boast of. To have a team representing our nation is akin to having our athletes on the Olympic podium with the National Anthem playing." Below is a transcript of Andretti's exclusive interview with NBC News on the day of the F1 announcement, slightly edited for brevity and clarity.

Mario, congratulations on this significant achievement. How does it feel?

Relieved, among other emotions. I'm overjoyed that everything has finally fallen into place, and everyone is content. The most important aspect is that we can now provide a future for the team members who believed in us and took a risk by committing to us. It's incredibly meaningful for all of us at this moment. Now, we focus on the project and the challenges ahead, which is what we relish. I can't stress enough how relieved I am that this has all come to pass.

This has been your aspiration for many years.

Indeed, it has. I fell in love with Formula 1 when I was a young man in Italy. That's where it all began for me. Having the opportunity to pursue the sport, coming to America, and then chasing the Formula 1 dream— I dare say no one loves the sport more than I do. I'm fully invested. This is what I live for. Isn't that wonderful? The sun is shining.

Tell me about your role, Mario. As a board director, what does that entail? Will it be similar to what Niki Lauda did for Mercedes?

Essentially, yes. They're drawing on my experience and insights—selecting driver and technical talents. The sport is my family. I've been continuously involved in many aspects, and that continues. I don't seek a specific job where I have to clock in every day. But I welcome the chance to be part of many key decisions. This is where I thrive.

And the role of Andretti Global? It seems Andretti will construct the car, and Cadillac will eventually build the engine and power unit. Or is it more complex than that?

No, it's straightforward. That's exactly the plan. Nothing changes in that regard; the team is fully committed, and a lot of work has already been accomplished.

The Andretti bid to join F1 had been on hold for several months. What were the key factors that led to this breakthrough?

It's difficult to pinpoint one thing. I could recount events, but some were unpleasant, and I prefer not to dwell on them. All of that is in the past. We look forward now. It has happened properly, and everyone, including my son, Michael, is happy. That's the most crucial part. No one has been diminished or suffered.

Do you know when this team will become a "works" team with its own power unit? I know it wasn't mentioned in the press release, but I heard 2028 is the target.

The process is underway. We'll be on the grid in 2026 with Cadillac's full participation. The development of the power unit will continue, and the team will be fully operational by 2026, with Cadillac being an integral part of it.

So, it's fair to say that the target for the original power unit is 2028.

That's the target, and it's going to happen.

Which engine do you expect to use in the early years of 2026 and 2027? The rumors suggest you'll use a Ferrari engine. Is that correct?

That's what we're discussing. It's not final yet, but that's our goal. That's our preference.

That could put you in an excellent position in 2026 with the new regulations if Ferrari gets it right.

Absolutely. Even my history with Ferrari and my relationship with Mr. Ferrari—all of it plays a significant role. There are so many factors here that make a lot of sense. It will be the best of all worlds.

Are you considering or talking to other suppliers for the engine in the early years, like Mercedes or anyone else?

Not yet, no.

OK. It sounds like Ferrari is the priority in the early years.

We're sticking with that objective.

What do you realistically think you can achieve in 2026 and '27? Do you think a championship is possible, or is that too soon?

You always aim for the stars. That's always been my approach. Without that mindset, you'll never succeed. That's your best chance to perform at the highest possible level.

For F1's U.S. audience, this is a massive event—finally, an American car manufacturer and a renowned racing team, Andretti. What does it mean for the country?

Formula 1 is the Olympics of motorsports due to its global nature. There's a sense of national pride attached to it. We have three unique races that no other country can boast of. To have a team representing our nation is akin to having our athletes on the Olympic podium with the National Anthem playing. That's what you're looking for. That's what you're in the business for. That creates that type of excitement. The fans will expect a lot from us, and we understand that. We expect a lot from ourselves.

What about the first national anthem for the driver? Do you expect to prioritize finding American drivers, like Colton Herta? Who are you looking at?

Right now, I think yes. You mentioned candidates—he's definitely one that's considered. I think you have to keep those options open, since it's going to be a whole next season where we're not going to be players.

I talked to some young drivers and some veterans about this in the paddock in Las Vegas. Valtteri Bottas, the 10-time race winner, said he might be interested in a Cadillac F1 seat. Liam Lawson, the young RB driver, said it'd be great to have two more seats on the grid. What's the impact of that?

They said it all. There are more drivers available than teams at the moment. Ten teams seems a lot, but there's a lot more drivers, a lot more talent out there. From our standpoint, I think the plan at the beginning would be to have one experienced driver—nationality doesn't matter—and then a young American talent. These are the objectives at the moment.

Mario, thank you so much for your time. It's a pleasure, and congratulations on the significant achievement.

And thank you for your interest.