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Will there be a new team in F1? If it is up to this billionaire, then yes

Will there be a new team in F1? If it is up to this billionaire, then yes

03-12-2022 12:06 Last update: 13:14


Formula 1 may be getting a new team. Hong Kong billionaire Calvin Lo reveals to The Daily Star that he is exploring the possibilities of entering Formula 1 with his own team in 2026.

Lo is the CEO of RE Lee International, the world's largest life insurance provider. Lo himself is now worth almost two billion and plans to use that money for his greatest passion: motorsport. As a private investor, he has already poured money into Williams, but so now he is looking to join with his own team. "With a current team, that would be faster," Lo explains. "Realistically, to get the car on the grid with a new team, it would be 2026. That’s a short period of time, a very tight timeline."

"In the last few years, I’ve been approached by many players in the F1 world," Lo continues. "That ranges from teams to highly aspirational potential team owners or investors. We would be very fortunate to be involved, in whatever capacity." He does, however, make it clear that his own role will be relatively limited. "I am not smart enough to run the team! Whatever involvement I would have, it would be financial."

Focus on America at the expense of Asia

For Lo, there is great added value in tapping into the Asian market. Formula 1's focus has shifted more to the United States and the Middle East in recent years and, as a result, less attention has been paid to East Asia. For instance, with the cancellation of the Chinese Grand Prix, only two races are still scheduled in East Asia, compared to three in the United States. "This new popularity isn’t just in the US," Lo believes. "It’s in Asia too, everyone is talking about it. I attended the Singapore Grand Prix and the excitement of everyone attending was incredible. I don’t think it needs an Asian team per se, but maybe an Asian influence. We would try and make the pie bigger."

Should Lo indeed succeed in joining Formula 1, it will be the first time since 2015 that a new team has been added to the sport. In that year, Haas joined the field. Lo is not the only one making an attempt: Andretti Racing has also been trying to get into Formula 1 for a while.

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