Adds fresh Lowdon quotes

By Alan Baldwin

LONDON, March 7 (Reuters) - A General Motors-backed Cadillac entry will become Formula One's 11th team next year after securing formal approval from the commercial rights holders and governing FIA on Friday.

Formula One and the FIA confirmed in a joint statement that the necessary sporting, technical and commercial assessments had been completed.

The various parties reached an agreement in principal last November after Formula One rejected a previous bid under the name of Andretti that the FIA had approved.

"As we said in November, the commitment by General Motors to bring a Cadillac team to Formula One was an important and positive demonstration of the evolution of our sport," said Formula One chief executive Stefano Domenicali.

"I want to thank GM and TWG Motorsports for their constructive engagement over many months and look forward to welcoming the team on the grid from 2026 for what will be another exciting year for Formula One."

FIA president Mohammed Ben Sulayem said the expansion to 11 teams was a "transformative moment" and an important milestone for the championship.

"GM/Cadillac brings fresh energy, aligning with the new FIA 2026 regulations and ushering in an exciting era for the sport," he added.

"The Cadillac Formula One team’s presence in the paddock will inspire future competitors and fans."

NEW ERA

Formula One is entering a new engine era in 2026, with significant chassis regulation changes also, and Cadillac have a deal in place to use Ferrari engines until General Motors can produce their own.

Cadillac have also appointed Briton Graeme Lowdon to lead the team and have established a European headquarters at Silverstone.

"In terms of being ready to race, everything is on schedule," Lowdon told the F1 website .

"There’s an awful lot of work that has gone on in the background. There’s still a lot of work to do.

"We’re in a significantly better position now that we’re a fully-fledged F1 team. We will have access to all the data and information that all the other teams have. Now we can really push to come up with the most competitive car that we can."

Lowdon said drivers would be hired on merit.

"There’s nothing preventing a driver being selected on merit and being American. I think that would be something that a lot of fans would really want to see as well," he added.

"I’m fairly sure that hiring on merit and having a U.S driver are entirely compatible objectives for the team."

(Reporting by Alan Baldwin; Editing by Andrew Heavens, Toby Davis and Ken Ferris)

((alan.baldwin@thomsonreuters.com; +442075427933;))