It seems that it is not the project but a specific person who is responsible for the Andretti F1 Team's failure to join the racing series.
During the Las Vegas Grand Prix, several leading international magazines reported that an agreement on the announcement of the new team was imminent. However, it wasn't in the form we had previously expected. It seems that Michael Andretti's energetic push was not well received by many, but his withdrawal could open the way for another American team. Also playing into the equation could be the fact that one of Andretti's main sponsors is Mohammed bin Sulayem, who is known to have a bad relationship with... everyone.
Now, however, the situation is that General Motors has taken control, which would rely on Andretti's existing infrastructure. And, more importantly, they also have the status accepted by the other Formula 1 competitors. Their European headquarters at Silverstone is already in place, their team of experts is developing well, and according to the plan, both Cadillac and Andretti would appear there, but with less weight.
Meanwhile, GM has already begun its own F1 engine program, and reports suggest its first working powerplant could arrive in 2028. This would mean they would be a partner team for their debut in 2026, likely involving Ferrari or Honda. This all sounds very exciting, and given recent events, we're now so close to turning that dream into reality: another Formula 1 team.