Hong Kong billionaire ready to dive into F1 with potential brand new team
Billionaire Calvin Lo believes there has never been a better time to invest in Formula 1 as he explores the possibility of launching a brand new team by 2026. The Hong Kong-based businessman and philanthropist is the CEO of RE Lee International, the world’s largest life insurance broker. Lo is also a passionate F1 fan and has ties with the Williams team via his private investment firm. He is eager to take his involvement in the sport to another level, either by creating a new team or by investing in an existing one. Lo opened up about his plans, and his passion for the sport. He revealed his team are “crunching the numbers” as they assess the validity of an F1 entry. Meanwhile, intermediaries representing him have held talks with key figures within the sport. Lo was at pains to stress that his involvement would be financial and that he has no desire, nor the inclination, to be a team principal-time figure.
“We are still exploring what capacity I would be involved in F1," he said. "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.” His 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,” explained 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.”
If Lo decides to invest in a current team, he says he could be in F1 as early as next year. But creating a new team would be a different matter, a massive undertaking that would take years to get off the ground. Arguably the biggest hurdle to overcome would be F1 and the team’s reticence towards new teams for fear it would dilute the sport’s financial pot. Even Andretti, an established racing team which participates in major racing series around the world, has struggled to win F1 over as it looks to break in. If Lo decides to go down the new team route, he admits convincing existing teams his project would benefit the sport as a whole would be challenging but believes it can be done.
“Whoever comes in, in whatever capacity, has to ensure that [financial] pie gets even bigger. I understand the current teams’ reluctance. If it all comes out of the same pot, what’s the point?,” he acknowledged. “But if we could somehow expand that pie a little bigger, everyone could benefit, the whole grid could benefit. That’s where the ‘how’ comes in. How are me and my team able to tell the current teams that our involvement, in whatever capacity, will increase that viewership, that fanbase? I think there is an opportunity for someone who’s not in the motor racing world to come in, to bring in new ideas, new perspectives. I think it’s exciting if someone from the outside comes in. The financial part is a huge commitment. But assuming that’s done, we could be in for a pleasant surprise in how everyone could benefit.”
While much has been made about growing US interest in F1, Lo highlighted the passion for the sport in Asia, insisting there are markets in the continent that remain untapped. He would also like to see more races in the region. Lo has no desire to create an official Asian F1 team but would like to open the door for more potential drivers and key team personnel from the continent. “I don’t think it needs an Asian team per se, but maybe an Asian influence in the sense of drivers, designers, strategists,” he said. “Any new team or new player in the sport will bring new ideas, new perspectives. I’m from Asia and there’s only a few races here. We would try and make the pie bigger. This new popularity isn’t just in the US. It’s in Asia too, everyone is talking about it. I attended the Singapore Grand Prix and the excitement of everyone attending was incredible.”
Asked when he would like to dive fully into the sport, he replied: “Probably yesterday! It’s funny, it’s the fastest sport in the world but the logistics are pretty slow. We would be very fortunate to be involved, in whatever capacity. With a current team, that would be faster. Realistically, to get the car on the grid [with a new team], it would be 2026. That’s a short period of time, a very tight timeline.” On his links with Williams, Lo was unable to go into detail due to non-disclosure agreements but confirmed: “We have some ties. In some ways we are involved [with Williams], that’s the first step that got things going and learning about the details of the F1 world.” But any tie-up with an existing team or more would not necessarily be with Williams. “I’m just a big fan of the sport and I see opportunities to benefit the whole F1 community. I want to be part of it,” he added.