Hong Kong billionaire in talks with potential F1 teams

Hong Kong-based billionaire Calvin Lo has revealed he is in talks with potential Formula 1 teams as he seeks to see a greater Asian presence in the sport.

Lo, who is the chief executive of insurance broker RE Lee International, told Reuters that he was considering backing a bid to enter Formula 1 in 2026 and money was not a major hurdle.

While he did not name any teams he could partner with, he ruled out any involvement with the planned Andretti-Cadillac and Hitech Grand Prix bids.

“The financial part, believe it or not, to me is actually not the biggest problem,” Lo said.

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“It’s actually gathering all the expertise … the mechanics, the whole team together into one unit.

“So right now there are a few opportunities coming up, have come up, and we are talking quite seriously with a few teams.”

Lo already has “some sort of exposure” to Williams following Dorilton Capital’s purchase of the team in 2020. He has said his existing involvement with Williams would not pose any problems.

The FIA has sought bids from potential new teams and had set a provisional deadline of April 30, although Lo indicated that this had been pushed back to May.

Lo said that one potential team he has made contact with has already submitted their application to the FIA, while another was “still going on behind the scenes doing their thing”.

“I’m just here waiting, looking at the reports, looking at the numbers, making sure everything looks fine for the long term,” he added.

Lo criticised Liberty Media for their obsession with the American market and that the sport must pay more attention to Asia and its potential.

“I think there are a lot more Asian players, investors, who want to get into this sport – more than we could ever imagine,” he said.

He also mentioned car manufacturers from Japan, South Korea and China.

“I’m fortunate enough to be able to know many of them and they’ve sounded out and expressed their interest in getting involved. So a consortium, pool resources together.”

While there are set to be three races in the USA in 2023, following the cancellation of the Chinese Grand Prix, Asian grands prix are limited to Singapore and Japan this season.

Previous races in South Korea and Malaysia were cut in recent years while a planned race in Vietnam had to be cancelled before its inaugural event.

Lo also mentioned an ambition to create an academy in south-east Asia to train people for a career in all areas of Formula 1.

“I would like to see F1 to be more involving Asia, more Asian talent, not just the drivers but from behind the scenes,” he said.