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<\/a><\/p>\nBy Anne Marie Roantree<\/p>\n
HONG KONG (Reuters) – Hong Kong-based billionaire Calvin Lo, who already has financial links to Formula One team Williams, says he would like to see a greater Asian presence in F1 and is in talks with potential new teams.<\/p>\n
The chief executive of insurance broker RE Lee International told Reuters he was considering backing a bid to enter in 2026 and money was not the major hurdle.<\/p>\n
While he would not identify the teams, he ruled out involvement in a planned all-American Andretti Cadillac outfit and another Hitech Grand Prix one. <\/p>\n
“The financial part, believe it or not, to me is actually not the biggest problem,” he told Reuters at his Hong Kong headquarters in the central business district. <\/p>\n
“It’s actually gathering all the expertise … the mechanics, the whole team together into one unit. <\/p>\n
“So right now there are a few opportunities coming up, have come up, and we are talking quite seriously with a few teams.”<\/p>\n
Lo said his existing ties to Williams would not pose any problem.<\/p>\n
Formula One’s governing body has sought bids from potential new teams with a deadline provisionally set for April 30, although Lo indicated it had been pushed back to May.<\/p>\n
Formula One has 10 teams and is limited to a maximum 12 up to and including the 2025 season. The sport will have a new power unit from 2026.<\/p>\n
Lo said one potential team he was talking to had already applied and another was “still going on behind the scenes doing their thing.<\/p>\n
“I’m just here waiting, looking at the reports, looking at the numbers, making sure everything looks fine for the long term,” he said.<\/p>\n
Any new team must pay a $200 million fee, with that money shared by the existing competitors as compensation for the dilution of the share of revenues. <\/p>\n
Some teams feel the entry fee should be significantly greater, reflecting the sport’s rise in popularity and value with even once-fragile teams now operating as sustainable franchises.<\/p>\n
Lo said a non-disclosure agreement prevented him giving details of his involvement with former champions Williams, who were bought by U.S.-based private investment firm Dorilton Capital in 2020.<\/p>\n
“I could say that there are involvements through investment companies to be co-investing into that team,” he said. “I think that’s the most I could say, especially now that we’re… possibly bidding for a new team for 2026.”<\/p>\n
FOCUS ON ASIA<\/p>\n
Lo also said Liberty Media-owned Formula One had been “focusing too much on the U.S.” and needed to pay more attention to Asia and its potential.<\/p>\n
“I think there are a lot more Asian players, investors, who want to get into this sport – more than we could ever imagine,” he added, mentioning also car manufacturers in Japan, South Korea and China.<\/p>\n
“I’m fortunate enough to be able to know many of them and they\u2019ve sounded out and expressed their interest in getting involved. So a consortium, pool resources together,” he added of those unidentified investors.<\/p>\n
Formula One has three U.S. races this year, including a new night-time extravaganza in Las Vegas, while the Chinese Grand Prix has been cancelled for the fourth year in a row due to the COVID-19 pandemic.<\/p>\n
The sport races in Singapore and Japan but past rounds in South Korea and Malaysia have dropped off the calendar and a planned race in Vietnam came to nothing.<\/p>\n
Lo said he was keen to set up an academy in south-east Asia, maybe even in Hong Kong, to train people for a career in all areas of the sport.<\/p>\n
“I would like to see F1 to be more involving Asia, more Asian talent, not just the drivers but from behind the scenes,” he said.<\/p>\n
\n(Writing by Alan Baldwin in London, editing by Toby Davis)<\/p>\n
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