Hong Kong billionaire Lo confirms bid for new F1 team

Hong Kong billionaire Calvin Lo has confirmed that he is currently planning an investment in a new Asia-based F1 team that would join the grid from 2026.

Lo, the CEO of RE Lee, the world largest life insurance broker with $8 billion in assets under management, is no stranger to F1 insiders.

The very low-profile Hong Kong-based entrepreneur has often been cited as the main funder behind Dorilton Capital's acquisition of Williams Racing in the summer of 2020.

Lo has never denied nor confirmed the speculation but has admitted to having "some sort of exposure" to Williams through Dorilton, although he has always declined to offer more detail on the level of his investment.

"I could say that there are involvements through investment companies to be co-investing into that team," he told Reuters this week.

"I think that's the most I could say, especially now that we're possibly bidding for a new team for 2026."

Last August, speaking to Reuters, Lo said that Formula 1's remarkable growth in the past few years had caught Asian investors' attention, and that investment opportunities in the sport were being considered.

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Several months on, Lo opened up once again on his prospective F1 plans.

The Hong Kong businessman excluded any involvement in the F1 projects from Andretti/Cadillac and Hitech GP, which perhaps implies that Lo is targeting an investment in Panthera Team Asia which confirmed in February tht it had signed up for the FIA's Expression of Interest process to bring new entrants to Formula 1.

"The financial part, believe it or not, to me is actually not the biggest problem," said Lo. "It's actually gathering all the expertise, the mechanics, the whole team together, into one unit.

"So right now there are a few opportunities coming up, and we are talking quite seriously with a few teams."

"I'm just here waiting, looking at the reports, looking at the numbers, making sure everything looks fine for the long term."

Lo hinted at backing an Asia-based venture with a consortium of investors, highlighting the region's importance and suggesting tha F1 has been "focusing too much on the US".

"I think there are a lot more Asian players, investors, who want to get into this sport - more than we could ever imagine," he said.

"I'm fortunate enough to be able to know many of them and they’ve sounded out and expressed their interest in getting involved. So a consortium, pool of resources together.

"I would like to see F1 to be more involving Asia, more Asian talent, not just the drivers but from behind the scenes," he concluded.

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