Calvin Lo, a billionaire from Hong Kong, hopes to achieve more Asian representation in Formula 1 by investing in a new team. The businessman tells this in conversation with the Reuters news agency. Discussions with interested parties, who want to enter in 2026, are already being held.
It is known that Andretti Autosport wants to participate in Formula 1 with Cadillac from 2026 and Hitech Grand Prix, known from the entry-level classes, is also considering an entry. According to Lo, these teams are not spoken to. ‘Believe it or not, but the financial picture is not the biggest problem for me. It’s more about attracting expertise, the mechanics, the whole team together in one unit. At the moment there are a few opportunities coming up and we are talking quite seriously with a few teams.’
The FIA recently extended an application deadline for new teams to May, after it was set on April 30. One team Lo spoke to says they have already signed up and another is “still doing their thing behind the scenes. I’m just waiting here, looking at the reports, looking at the numbers, making sure everything looks good in the long run.”
Asia better represented in Formula 1
Lo is trying to ensure more Asian representation in Formula 1. “I think there are many more Asian players and investors who want to get into this sport – more than we can ever imagine,” says Lo, who without naming names also lists car brands as interested parties. “I’m lucky enough to know many of them and have probed them and expressed their interest in participating. Now we have to join forces.’
When that happens, there could be a serious look at how Asia gets more involved in the sport. Lo wants that representation not only to take place in front of the cameras, but also behind the scenes. “I would like to see F1 involve Asia more, with more Asian talent. And not only the drivers, but also behind the scenes, “concludes the billionaire.