Will there be a new racing team in Formula 1 soon? After rumors about a possible entry by Hong Kong billionaire Calvin Lo, the 45-year-old has now confirmed his fundamental interest in entering the premier class.
A report in the English newspaper "Mirror" caused a stir. According to the newspaper, Hong Kong billionaire Calvin Lo is planning an engagement in the premier class of motorsport. The 45-year-old Lo is the managing director of the largest life insurance company in the world and has private assets of around 1.64 billion euros. He has now confirmed to the newspaper "Daily Star" that his team is actually considering a possible engagement and is "calculating the numbers".
"We're still checking what role I could have in Formula 1," said Lo, who is a big fan of record world champion Michael Schumacher. is applicable. "I'm not smart enough to lead the team," he told the British newspaper. "Whatever my involvement would be, it would be financial." In recent years, he has been approached "by many Formula 1 players," "from teams to very ambitious potential team owners or investors," revealed Lo.
"We were looking at a current team and that's how the idea of creating a new team came up," the billionaire testified. Currently there would be "many possibilities". "I believe that we are entering a new era with a younger audience and a younger fan base. Accessibility seems to be easier than it used to be," said Lo about the development of Formula 1. According to the investor, the motorsport premier class is not only booming in the UNITED STATES. There would also be a lot of interest in Asia. "I don't think it needs an Asian team per se, but maybe an Asian influence in terms of drivers, designers, strategists."
Not much is known about the insurance mogul, but he's often dubbed "the mysterious Hong Kong billionaire" in the media. This year he attended the Singapore Grand Prix. He has also been a VIP guest at numerous other races. Lo, who was born in Canada, could start with his major project in Formula 1 in 2026 at the earliest, should it be successful. This year, the FIA could allow new teams to enter the world's most prestigious motorsport series.
The motorsport fan is hoping for a timely engagement in Formula 1. "We would be very happy if we could be there, in whatever capacity. That would be faster with a current team. Realistically, it would be 2026 to get the car [ with a new team]. It's a short period of time, a very tight time frame," Lo explained.
