Billionaire Michael Schumacher FANATIC reveals 'serious discussions' to buy F1 team

Michael Schumacher

Billionaire Schumacher FANATIC reveals 'serious discussions' to buy F1 team

Michael Schumacher superfan Calvin Lo hopes to launch his own Formula 1 team

Andrew McLean

Friday 19 May 2023 08:29

Michael Schumacher fanatic Calvin Lo hopes to launch his own Formula 1 team as he looks to help the sport grow in the Asian market.

The Hong Kong billionaire has had a long-stated desire to enter a new team into the sport when the new engine regulations come into force in 2026. He has already spoken to a number of existing teams about potentially joining forces.

Lo, who became 'hooked' on F1 when watching Schumacher at Ferrari in the early 2000s, already has links to Williams but this will not be a barrier to his hopes of putting his own team.

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He hopes to help F1 have a greater influence in Asia, suggesting it is a market with much-untapped potential.

Lo: F1 needs more teams

Lo believes not enough talented racers are getting a chance in Formula 1 due to the lack of places on the grid. He hopes to change that by entering a new team.

Michael Schumacher inspired Calvin Lo's love of Formula 1

“I’m having serious discussions about getting involved right now,” he told the Independent.

“F1 needs more teams. There are too many talents in motorsport to not have more teams. But when I go through it, it is highly aspirational and absolutely, very ambitious. Still, I’d loved to be involved financially.”

Lo: Investing is not the difficult part

Lo admits that there will be challenges as he tries to put a new team on the grid but he has stressed that he is ready to face them as he pushes for more Asian representation.

Calvin Lo believes the F1 grid needs more teams

"Putting money into the team is not the difficult part," he explained. "It’s making sure it’s sustainable; otherwise it’s embarrassing for everyone. It’s very intricate, even with an established group of people, with all the sponsorship and the detail.

“But there’s so much potential in this part of the world – it’d be so advantageous to the Asian community and to the F1 ecosystem.

“To truly make F1 global, we cannot forget this part of the world. There are races, but the penetration is not high and it’s wasted.

“I would love to have an Asian team with a base in the Pearl River Delta [the wealthiest region in south China]. The initial few seasons would be tough but it’s important for the sport to have more exposure and commitment here."

The FIA have opened the process for applications for teams who want to join the F1 grid. A decision is likely to be made towards the end of June giving Lo more time to work on his plan.