It seems that it was not the project, but a certain person who caused the Andretti F1 team's integration into the speed circus to fail.
During the Las Vegas Grand Prix, several international publications reported that an agreement regarding the announcement of the new team was close. However, it hasn't come in the form we had expected so far. It seems that Michael Andretti's intense pressure hasn't gone down well with many, but his backing off could pave the way for a new American team. It could also be that the fact that Andretti has a key supporter in Mohammed bin Sulayem, who has notoriously bad relations with... everyone, has disrupted the situation.
However, it now appears that General Motors has taken the reins, building on Andretti's existing infrastructure. And what's even more important is that they have a recognized status among other Formula 1 participants. Their European center at Silverstone is already operational, their team of experts is well trained, and according to plans, Cadillac and Andretti should also be present, but with a lesser emphasis.
Meanwhile, GM has already begun work on its own F1 engine program, and according to reports, their first operational power unit could be ready for 2028. Therefore, when they debut in 2026, they would participate as a partner team, and it is likely that Ferrari or Honda will be considered. This all sounds very exciting, and given recent events, we are now closer than ever to seeing this dream come true with a new Formula 1 team.