Nov 25 (Reuters) - Formula One has reached an agreement in principle with General Motors ( GM ) to support GM/Cadillac becoming the sport's 11th team in 2026, it announced on Monday.

Liberty Media-owned F1 said it had maintained a dialogue with General Motors ( GM ), and its partners at TWG Global, regarding the viability of an entry following a commercial assessment and decision made by Formula 1 in January.

"Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac and that GM will enter as an engine supplier at a later time," it added in a statement.

"Formula 1 is therefore pleased to move forward with this application process ..."

GM officials reportedly attended the Las Vegas Grand Prix at the weekend to discuss a potential deal with F1 and Liberty Media after months of speculation.

"With Formula 1's continued growth plans in the U.S., we have always believed that welcoming an impressive U.S. brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Liberty Media President and CEO Greg Maffei said.

"We credit the leadership of General Motors ( GM ) and their partners with significant progress in their readiness to enter Formula 1. We are excited to move forward with the application process for the GM/Cadillac team to enter the Championship in 2026."

FIA President Mohammed Ben Sulayem expressed full support for the latest development, saying: "General Motors ( GM ) is a major global brand and powerhouse in the OEM (Original Equipment Manufacturer) world, working with impressive partners."