Hong Kong billionaire Calvin Lo has set his sights on forming a brand new team on the Formula 1 grid.
Lo, who is the CEO of RE Lee International, has had involvements with the Williams F1 team through his private investment firm.
However, he is now eager to expand his F1 portfolio by investing further – either by taking over a current outfit or forming his own team.
“We are still exploring what capacity I would be involved in F1,” he told Daily Star Sport. “I am not smart enough to run the team! Whatever involvement I would have, it would be financial.
“In the last few years, I’ve been approached by many players in the F1 world, from teams to highly aspirational potential team owners or investors.
“We’ve been looking at a current team and that’s how the idea of starting a new team came about. There are a lot of opportunities right now. I believe we’re going into a new era of a younger audience, a newer fanbase. Accessibility seems easier than before.”
Lo is not the only party that has shown interest in an F1 entry, with Michael Andretti still pushing to add his own team to the grid.
However, teams have resisted Andretti’s involvement due to the impact it would have on the financial prizes at the end of each season.
Lo says that while he understands the concerns of already established teams, he is of the belief that F1 will benefit from the addition of new outfits.
“Whoever comes in, in whatever capacity, has to ensure that [financial] pie gets even bigger. I understand the current teams’ reluctance. If it all comes out of the same pot, what’s the point?,” he said.
“But if we could somehow expand that pie a little bigger, everyone could benefit, the whole grid could benefit.
“That’s where the ‘how’ comes in. How are me and my team able to tell the current teams that our involvement, in whatever capacity, will increase that viewership, that fanbase?
“I think there is an opportunity for someone who’s not in the motor racing world to come in, to bring in new ideas, new perspectives. I think it’s exciting if someone from the outside comes in.
“The financial part is a huge commitment. But assuming that’s done, we could be in for a pleasant surprise in how everyone could benefit.”
Im sure the FIA will approve it because he doesnt have Andretti in his name.
Anyone who can get a car which meets the rules onto the track should be allowed to compete and see where they get. The current teams should be told to shut up, and if they can’t beat the newcomers then that’s just too bloody tough.
It certainly appears that F1 has a bias against Andretti but I don’t understand why. Michael has succeeded everywhere he has entered and would be a huge asset to F1!!!!
If Mr. Lo is looking for a place to pour some of his very considerable fortune into, allied to Formula One, the money pit that is Aston Martin F1, will I am sure be very grateful recipients. They always have been. There is after all that fancy new factory and wind tunnel to be paid for and the road car division has always had an ability to soak up unlimited funds. Usual scenario for anyone investing in Aston Martin – how to you make a small fortune; start off with a large one. The geriatric driver does not come cheap either.