Hitech GP has confirmed that it has lodged with the FIA an application to join the Formula 1 grid in 2026, the British outfit also revealing a new investor to support its efforts.
Hitech, which fields teams in the FIA F2 and F3 Championships as well as in F4, revealed on Monday that parent company Hitech Global had sold a 25 percent equity stake to Kazakh businessman Vladimir Kim, whose primary interests lie in the mining, banking, and aviation sectors.
Kim's conglomerate of offshore companies have achieved significant success in the extraction and processing of copper ore, and rank among the world's top ten copper producers.
The 62-year-old billionaire's investment in Hitech marks his first venture into the world of motorsport, having sponsored in the past several high-level Kazakh athletes in the world of boxing and tennis.
"Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organisation that has enjoyed success in so many categories and has such ambitions for its future," said Kim.
"We have an established involvement with sport; however, this is our first global investment in motorsport. Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially."
Hitech CEO Oliver Oakes added: "I am delighted to welcome Vladimir Kim to the Hitech group. During our discussions we found many natural synergies and I know that his support will be invaluable as we seek to build on Hitech’s success and work towards achieving its broader ambitions over the years to come."
Hitech submitted its bid to the FIA as part of the 'Expression of interest' application process set up by the governing body to gauge the candidacy of teams seeking a spot on Grand Prix racing's the grid in the future.
Hitech says its prospective entry among motorsport's elite "would complete its single-seater ladder and demonstrate that Hitech has all the right people, experience and resources to compete alongside the best teams in the world".
The FIA is still in the process of analysing the viability of the dossiers submitted to its review and stringent criteria and which include the high-profile candidacy of Andretti-Cadillac as well as a plan put together by former BAR team boss Craig Pollock, called Formula Equal which aims to field an outfit with a 50/50 gender parity.
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