Hong Kong billionaire eyes F1 entry

Calvin Lo in Singapore — Photo: © LAT Images

Formula 1

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Hong Kong billionaire eyes F1 entry

Could an 11th team be on the verge of joining the F1 grid?

Sam Hall

Wednesday 30 November 2022 18:09

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Hong Kong billionaire Calvin Lo has confirmed his eagerness to increase his involvement in F1 by potentially adding an 11th team to the grid.

CEO of RE Lee International, the world’s largest life insurance broker, Lo is also an F1 fans and has ties with Williams through his private investment firm.

Speaking to the Daily Star Sport, Lo said: “We are still exploring what capacity I would be involved in F1.

"I am not smart enough to run the team! Whatever involvement I would have, it would be financial.

“In the last few years, I’ve been approached by many players in the F1 world, from teams to highly aspirational potential team owners or investors.”

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Although open to the idea of creating his own team, Lo conceded a more likely entry route into the sport would be investing in an existing outfit.

“We’ve been looking at a current team and that’s how the idea of starting a new team came about,” he added.

"There are a lot of opportunities right now. I believe we’re going into a new era of a younger audience, a newer fanbase. Accessibility seems easier than before.”

“Whoever comes in [with a new team], in whatever capacity, has to ensure that [financial] pie gets even bigger.

"I understand the current teams’ reluctance. If it all comes out of the same pot, what’s the point?

“But if we could somehow expand that pie a little bigger, everyone could benefit, the whole grid could benefit.

“That’s where the ‘how’ comes in. How are me and my team able to tell the current teams that our involvement, in whatever capacity, will increase that viewership, that fanbase?

“I think there is an opportunity for someone who’s not in the motor racing world to come in, to bring in new ideas, new perspectives. I think it’s exciting if someone from the outside comes in.

“The financial part is a huge commitment. But assuming that’s done, we could be in for a pleasant surprise in how everyone could benefit.”