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Asian businessman wants own team in F1 with Schumacher as driver

Asian businessman wants own team in F1 with Schumacher as driver

08-12-2022 09:04 Last update: 11:07

Calvin Lo is a new name that has expressed his interest in Formula 1. The businessman said to be good for two billion dollars is seriously considering entering Formula 1 with his own team by 2026. Mick Schumacher is said to be his dream driver.

The engine regulations will be renewed in 2026, which is a good time for new manufacturers to enter F1. Audi, for instance, has already announced its entry and Porsche is also said to be still considering making the switch. However, big manufacturers are not the only ones keen to join F1.

New entry into F1

Besides Andretti Autosport, Calvin Lo is also aiming for an entry into F1. Born in Hong Kong, Lo made his money mainly from his roles as CEO of R.E. Lee International and as founder of R.E. Lee Capital and The 195 Project. Lo's worth is estimated to be around $2 billion.

Speaking to PlanetF1 Lo reveals that he is serious about an entry into F1. He has already invested money in Williams and would consider buying over a team. However, should this not be an option, Lo is also not afraid of starting a team himself. Andretti runs into a wall there at F1 because the other teams do not want to put in money, but Lo sees possibilities.

''For any new team, Asia, or anywhere outside of Europe, is making the pie bigger. At least from my point of view, Asia is demanding more F1.  Just watching the TV, there’s a 30 or 40% increase in subscribers just because of F1. So for sure, Asia is a huge market. I think that is making the pie bigger for everyone. Different players coming into the F1 grid is always better, right?''

Schumacher front man of new team

Lo has also been thinking beyond just a team in 2026, he also already knows which driver he wants in his team. He first watched a GP in 2000 and became a fan of Michael Schumacher. ''From a boy who grew up watching Schumacher and the son is driving [for me]. Wow, that’s like heaven,'' Lo concludes.

A potentially interesting name in the Asian market is Hyundai. The South Korean brand is also said to be considering entering F1 for 2026 and a partnership with Lo would be the obvious choice. Lo has the finances and Hyundai the appeal in terms of name.