Hong Kong billionaire ready to launch new Formula 1 team by 2026

Hong Kong-based billionaire Calvin Lo is exploring the possibility of launching a brand-new team in Formula 1 by 2026.

🚨 EXCLUSIVE🚨

Calvin Lo believes there has never been a better time to invest in Formula 1 🏁

✍️ @MarkWhiley_LE https://t.co/vvil31qmDc

— Daily Star Sport (@DailyStar_Sport) November 30, 2022

Lo, who is the CEO of RE Lee International – the world’s largest life insurance broker, is a passionate F1 fan and has ties with the Williams team via his private investment firm.

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Calvin Lo, the Hong Kong billionaire rumored to have funded Dorilton's acquisition of Williams, says Formula 1 is attracting a lot of interest from Asian investors. https://t.co/0KpOtCNw97

— F1i (@F1icom) August 8, 2022

“We are still exploring what capacity I would be involved in F1,” he told Daily Star. “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.”

Lo’s interest in taking an active role is genuine and he has attended races, including the recent Singapore Grand Prix, to gain a better understanding of F1.

“We’ve been looking at a current team and that’s how the idea of starting a new team came about,” said Lo, a boyhood Michael Schumacher fan. “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.”