Hong Kong Billionaire Calvin Lo is in talks with several parties about adding a new team to the Formula One (FWONA) grid.
Lo, CEO of insurance company RE Lee International, said he’s hoping to back a team to enter the motorsport league by 2026 and said finances aren’t the issue.
“It’s gathering the expertise … the mechanics, the whole team together in one unit,” Lo told Reuters.
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The billionaire did not disclose who he is in talks with, but said it was not the American partnership between Andretti and Cadillac nor the British Hitech Grand Prix. Lo is working with the longtime Formula One team Williams, though he reiterated that there wouldn’t be a conflict of interest should he back an expansion team.
Lo also said he wants to drive more Asian influence in the sport. The grid currently consists of just two drivers from Asia: AlphaTauri’s Japanese driver Yuki Tsunoda and Alfa Romeo’s Chinese driver Zhou Guanyu. Fifteen of the 20 drivers hail from Europe.
There are several races held in Asia, including Japan and Singapore. China has not held a race since 2019 due to stringent COVID-19 regulations.
Other than the application fees, the cost of an expansion team would start with a $200 million anti-dilution fee, though teams are reportedly interested in pushing that number up to at least $600 million.
Formula One has had just 10 teams and 20 cars on the grid since 2016. The current Concorde agreement, which goes until 2025, caps the teams out at just 12, but Formula One can hold up to 26 cars on the grid on any given race.
