Asian billionaire engaged in "serious discussions" regarding participation with own Formula 1 team

Calvin Lo still hopes to fulfill his Formula 1 dream. The billionaire from Hong Kong is eager to get involved with a new team, for which the application process with the FIA has already opened. The 45-year-old businessman is particularly hopeful that this will lead to better representation of Asia in the pinnacle of motorsport.

Lo has been a passionate Formula 1 enthusiast since 2000 and has attended multiple races. However, now he wants to enter the paddock in a different way. "I am currently in serious discussions to get involved," he tells The Independent. "There are quite a few proposals on the table for me to see how I can participate. Formula 1 needs more teams. There are too many talents in motorsport not to have more teams. It is quite ambitious when I consider it for myself, but I definitely want to be financially involved."

It won't be easy to compete seriously in Formula 1. The Mercedes team boss estimates the cost for success at around 1 billion euros. Lo believes this is a realistic figure. "I won't get caught in that vicious circle where I can't achieve the financial goals. Putting money into the team is not the hardest part. It ensures its sustainability; otherwise, it's embarrassing for everyone. It is very complicated, even with an established group of people, with all the sponsorships and details."

Improved Asian representation within Formula 1

Nevertheless, Lo sees significant untapped potential. "It would be so beneficial for the Asian community and for F1," the CEO of the world's largest insurance broker states. His goal is to better represent Asia in the sport. "To truly make F1 global, we cannot overlook this part of the world. There are races, but the involvement is low, and therefore wasted."

"I would love to have an Asian team based in the Pearl River Delta (the wealthiest region in South China)," the 45-year-old from Hong Kong adds. "The first few seasons will be tough, but it is important for the sport to gain more recognition and engagement here. It would be great to have an academy here, recruiting talents not only for F1 but also for aviation and legal pathways. When young people are exposed to these kinds of worlds, it can change someone's life."

Lo is also confident that 2026, when F1 becomes more sustainable thanks to the new engine regulations, is the right time to get involved. However, as for the question whether or not we will actually see Lo himself on the track... "That's not my style. It also has to do with my main business and working with clients. In my view, it's not that the richer you are, the more you flaunt it. Some do, but most don't!"