The enigmatic Hong Kong millionaire Calvin Lo is not well known. But it seems that he is serious about starting the first new Formula 1 team in 10 years.
It is believed that Canada-born Lo, the chief executive of the largest life insurance broker in the world. He is in discussions to build a new organization with “a lot of teams and drivers” in the sector.
The 46-year-old is thought to be worth $1.7 billion (£1.4 billion). He might lead a partnership that includes some of Asia’s super-rich people or build a team with his own money.
2016 saw the newest addition to the F1 grid, American manufacturer Haas. And organizers don’t anticipate allowing any more drivers until at least 2026. Lo grew up idolizing Michael Schumacher when he was at Ferrari at his peak. But he now seems determined to seize the chance to claim his own place at the top.
The investment wizard said, “I admire how Formula 1 is not just a one-man show. But rather a community of incredibly skilled individuals coming together, devoted to one aim. There are consistently strong teams in Formula One, yet they are unable to produce the ideal vehicle.”
Billionaire Calvin Lo is “in talks” as he seeks to launch his own F1 team
Lo was a VIP visitor at the Singapore Grand Prix in October and has also visited races in Shanghai, Malaysia, Montreal, Melbourne, and other cities. Even though the Chinese Grand Prix was removed from the calendar due to the nation’s Covid-19 policy. Formula 1 is still scheduled to host a record 23 races in 2023.
This growth supports Lo’s assertion that the sport has “entered a new period with increased appeal and a new generation of followers” and offers “untapped prospects.” The businessman and philanthropist haven’t made many mistakes with his investing techniques up to this point, indicating that the timing of his interest is sound.
Any new team entering Formula One is expected to pay an entrance fee of $200 million (£166 million), which will then be divided among the current teams.
Lo already has connections to the sport via some kind of association with Williams, but he has previously refrained from disclosing specifics because of non-disclosure agreements.
One of Asia’s largest collectors of champagne is the low-key billionaire, according to reports. The tycoon once approved a $230 million buy from France in a single order to demonstrate his riches.
It’s probably reasonable to presume that the money may be used for the cause of racing if someone has that type of money to spend on a bottle of champagne. The possibility of an Asian competitor remains big. Despite the fact that Lo’s riches may be eclipsed by the likes of Red Bull, Mercedes, and Ferrari.