Formula One rejected a bid by American Michael Andretti and Cadillac to join the grid in 2025 or 2026 but left open the possibility of admission in 2028.
Andretti's effort to become the 11th team in F1 had been approved by the International Automobile Federation (FIA) -- the F1 governing body -- in October.
However, F1 ultimately rejected the Andretti-Cadillac proposal because it did "not believe the applicant would be a competitive participant," and that adding an 11th team "would not on its own add value."
The F1 grid will remain at 10 teams and 20 drivers for at least the next four years.
F1 left the door open for 2028, allowing more time for General Motors -- owner of the Cadillac brand -- to develop its own engines. GM has said it plans to have an F1 engine ready for the 2028 season.
Andretti, 61, is the son of Mario Andretti, who won the 1978 F1 championship.
Michael Andretti's company, Andretti Autosport, has won four IndyCar Series championships and five Indianapolis 500 races.
The Andretti family's prior success and name recognition weren't enough to sway F1 decision-makers.
"While the Andretti name carries some recognition for F1 fans, our research indicates that F1 would bring value to the Andretti brand rather than the other way around," read a statement from F1.
There is currently no American team in F1, although Logan Sargeant does drive for Williams Racing.
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