Insurance mogul considering a bid for a Formula One team

Insurance mogul considering a bid for a Formula One team

Formula 1

There are many teams and brands reported to be interested in entering Formula One. Audi are reported to be interested in taking over the Sauber/Alfa Romeo team, while Porsche are looking to acquire a 50% stake in Red Bull, and re-enter the Formula One world in 2026, and Andretti are also trying to enter Formula One.

Some time ago, Michael Andretti, CEO & Founder of Andretti Autosport had criticized ‘snobbish attitudes’ and termed Formula 1 as a ‘European Club’, something that was not appreciated by Guenther Steiner, at all. Toto Wolff thinks that Audi will be a better 11th team than Andretti. Mario Andretti, 1978 Formula 1 World Champion, has said that this bid’s rejection would be the worst moment of his career.

Formula One has never been ‘hotter’. Under the helm of Liberty Media, and especially through ‘Drive to Survive’, the sport has exploded and penetrated the American market. It is understandable that more organizations and companies will want to invest in the sport or mount a bid for a team, and it may be an Asian company that makes the next bid.

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Hong-Kong billionaire Calvin Lo looking at investing in a Formula One team

Williams had been taken over by Dorilton Capital in 2020

Williams was a constructor only, and was largely controlled by the Williams family. As it did not have the added benefit of a road-car business, it suffered in comparison to the other teams. This is the view of Calvin Lo, as reported by Reuters, who says that he does have some exposure to Williams since they were acquired by Dorilton Capital, back in 2020.

As reported by Forbes, Calvin Lo was involved in the acquisition of Williams, and as reported by Reuters, Dorilton makes investments for Lo. Lo has not given much more detail on the nature of his relationship with Williams and Dorilton but has confirmed that he is ‘looking at other teams’.

He said: “A lot of people, me included, are still looking to other teams, other opportunities, because…there are consistently good teams but they are not able to come up with the right car.”

He further added: “In Asia right now, there is a lot of liquidity sitting around, it’s mind-blowing. I wouldn’t be surprised if the next news you hear…is maybe some consortium in Asia investing into some other teams.”

Any new entrant in Formula 1 has to pay 200 million to be divided among the other teams. Acquiring a Formula 1 team, or entering the sport is a very difficult business – as Michael Andretti can confirm. Calvin Lo is the Founder of R.E. Lee Capital and the CEO of R.E. Lee International, and while he has said that he is looking at teams, he did not name the teams concerned.

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