Hong Kong billionaire Calvin Lo is looking to invest in Formula 1 in the coming years and is considering joining one of the potential new teams.
Lo had already made headlines at the end of last year because he had thought about entering Formula 1 – possibly with his own team.
In the meantime, however, the plan seems to be to invest in one of the new teams that are currently applying for entry into the premier class. The FIA opened the application process at the beginning of the year, the deadline for registration is currently April 30th.
Lo already has an involvement in Formula 1, namely with the Williams team, about which he does not want to give details. “I could say that there are investments by investment companies investing in this team,” he told Reuters.
“I think that’s all I can say, especially now that we might be bidding for a new team for 2026.”
It is not known which team it is. According to “Reuters”, however, it is neither the Andretti and Cadillac project nor Hitech, which suggests that it could be about the Asian team Panthera.
New F1 team planned in Saudi Arabia?
That would fit with Lo’s statements that Formula 1 is “too focused on the US” and needs to pay more attention to Asia. “I think there are a lot more Asian players and investors who want to get into this sport – more than we can ever imagine,” he says.
“I would like to see Formula 1 include more Asia, more Asian talent, not just in the drivers but also behind the scenes.”
Recently there have also been rumors about a possible team from Saudi Arabia, which is to be created under the direction of BAR founder James Pollock and should consist of 50 percent men and women.
The billionaire reveals that a team he is talking to has already applied, while another is still preparing everything behind the scenes.
“The financial part, believe it or not, is not the biggest issue for me,” he says. “It’s more about bringing all the expertise, the mechanics and the whole team together in one unit. There are a couple of opportunities at the moment and we’re seriously talking to a couple of teams.”
“I’m just waiting, looking at the reports and the numbers and making sure everything looks good in the long term.”