Billionaire Calvin Lo in talks with potential F1 teams as the businessman from Asia pushes to get Formula 1 into the far east. Calvin Lo has not given up on his plans to bring an Asian team into Formula One and the businessman insists he is currently in discussions with several potential teams.
Hong Kong-based billionaire Calvin Lo – who we told you about a few months ago – has again confirmed his intention to see a greater Asian presence in F1 and says he is in talks with several potential new teams.
Money is not an obstacle
The chief executive of insurance broker RE Lee International told Reuters this week that he was considering backing a team for a possible entry into F1 in 2026 and that money was not the main obstacle.
“The financial part, believe it or not, for me is actually not the biggest issue,” Lo told Reuters.
“It’s really about getting all the expertise… the mechanics, the whole team together as one unit. At the moment there are a few opportunities that are coming up, that have come up, and we’re talking quite seriously with a few teams.”
MORE F1 NEWS: Red Bull wallops into Ferrari on penalty
Links to Williams
Formula One’s governing body can receive offers from potential new teams with a deadline provisionally set for April 30, although Lo said that date had been pushed back to May. Calvin Lo also said that one potential team he was talking to had already applied and another was also in the process of making a move.
Also important, Calvin Lo is financially linked to the Williams team already on the grid, but said a non-disclosure agreement prevented him from giving details of his involvement with the Grove-based team.
“I could just say that there are implications through investment companies to co-invest in this team,” Lo added.
“I think that’s all I could say, especially now that we’re… maybe making a bid for a new team for 2026.”
MORE F1 NEWS: Red Bull wallops into Ferrari on penalty
F1 looks to USA too much
Lo also said that Liberty Media-owned Formula One had “focused too much on the US” and needed to pay more attention to Asia and its potential.
“I think there are many more Asian drivers, investors, who want to get into the sport – more than we could ever imagine.”
“I’m lucky enough to know a lot of them and they have sounded out and expressed interest in getting involved. I’d like to see F1 involve Asia more, with more Asian talent, not just the drivers but behind the scenes.”
Lo believes that the arrival of an Asian team would undoubtedly attract a new audience to F1, and therefore new market share.
“Whoever enters [F1] has to make sure that the [financial] pie gets even bigger. I understand the reluctance of the current teams, because if everything comes out of the same pot, what’s the point?”
“But if we could sort of widen that cake, everyone could benefit. The whole grid could benefit. That’s where the ‘how’ comes in. How can my team and I tell the current teams that our involvement in whatever capacity will increase that audience, that fan base?”
READ MORE: Shanghai F1 race may be dropped forever
Who is Calvin Lo?
His name may not ring a bell, but Calvin Lo is one of the richest people in Hong Kong. The businessman is said to have amassed a personal fortune estimated at US$1.7 billion according to Forbes magazine.
Calvin Lo is one of the most successful businessmen on the planet and also a keen Formula 1 fan.
Lo has made it clear that his personal involvement would only be financial and that he had no desire to become a full-time team owner:
“We are still exploring how involved I could be in F1. I’m not smart enough to run a team. Whatever involvement I have will be financial,” the billionaire explained in a lengthy interview with the Daily Star.
“Over the last few years, I’ve been approached by many players in the F1 world, from teams to very ambitious potential team owners or investors.”
“I think there’s an opportunity for someone who is not in the racing world to come in, to bring new ideas, new perspectives. I think it’s exciting if someone from outside comes in.”
“The financial part is a huge commitment, but assuming it gets done, we might be pleasantly surprised at how everyone could benefit.”
Although he would not name the potential teams he is in discussions with, Calvin Lo did rule out involvement with an all-American team such as Andretti-Cadillac or Grand Prix Hitech.
READ MORE F1 NEWS – Horner: Verstappen’s future plan
