Hong Kong billionaire Calvin Lo in talks with potential F1 teams, pushes for an Asian presence
Calvin Lo already has financial ties with F1 through Williams Racing.
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Calvin Lo. Image via CNA.
Calvin Lo is a Hong Kong-based billionaire. He is an entrepreneur, investor, and philanthropist. Lo is also well known for his business empire, R.E.Lee International. It is one of the most successful life insurance broker companies and is considered one of the world’s largest firms. According to Forbes, Lo has a net worth of $1.7 billion. As money plays a vital role in Formula One, Lo has the resources to enter the sport.
Lo is not new to F1. He has been a fan of it since Michael Schumacher’s era. And the billionaire has financial links with the Williams F1 team (via Dorilton Capital). Last year, he emerged as a potential investor in Formula 1. Lo initially debated whether to join an existing team or start a new project, as he wanted to see a greater Asian presence in the sport. Lo revealed that he is in talks with parties over a new team entry in 2026.
Calvin Lo told Reuters, “The financial part, believe it or not, to me is actually not the biggest problem. It’s actually gathering all the expertise … the mechanics, and the whole team together into one unit. So right now there are a few opportunities coming up, have come up, and we are talking quite seriously with a few teams.” Lo’s links with Williams Racing would not interfere with his new bid.
Calvin Lo wants to push for diversity in F1
At present, Formula 1 has ten teams. It can extend to a maximum of 12. It includes the 2025 season. From 2026, the sport will have new power units. The FIA opened bids from potential teams to enter the sport. Though the deadline was April 30, Lo insists it has been postponed to May. One of the potential teams Lo was talking to had already applied. Meanwhile, Lo is analysing the data and looking at numbers. He wants to make sure everything is fine in the long term.
Any new team looking to enter F1 must pay a $200 million fee. This amount would be shared by the existing teams as compensation for the dilution of revenue. However, some teams want to increase the entry fee considering the sport’s popularity. Calvin Lo believes F1 is “focusing too much on the US.” He stated, “I think there are a lot more Asian players, investors, who want to get into this sport – more than we could ever imagine. I would like to see F1 be more involving Asia, more Asian talent, not just the drivers but from behind the scenes”
Formula 1 has three races in the US this season. There are races held in countries like Singapore and Japan as well. But races in South Korea and Malaysia were dropped from the calendar. Calvin Lo revealed he was interested in establishing an academy in South East Asia. He would like to train people for a career in F1, not limited to racing, but in all areas of the sport.
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