Billionaire admits ‘serious discussions’ to enter F1 team amid Elon Musk rumours

The FIA will announce on June 30 which two new teams can join Formula 1 from 2025.

Hong Kong billionaire Calvin Lo has revealed that he’s “having serious discussions” about entering his own Formula 1 team into the championship, when the new power unit regulations are introduced in 2026.

Lo does already have links to Williams; however, this wouldn’t impact him from being able to enter a completely new team, something he believes the sport is in desperate need of.

Should he successfully enter a team, then it would be a huge boost for the Asian market, with Zhou Guanyu, Alex Albon and Yuki Tsunoda currently being the only Asian drivers on the grid.

Lo is wanting to see Asia have a greater influence in the pinnacle of motorsport, something he is aiming to help with.

Want to work in Formula 1? Browse the latest F1 job vacancies

His own interest in the sport dates back to when seven-time World Champion Michael Schumacher drove for Ferrari, with it having been something which caught his attention.

Lo believes there are currently “too many talents” not racing in F1, with more teams on the grid being needed to ensure that the very best drivers in the world can race at the highest of levels.

“I’m having serious discussions about getting involved right now,” Lo told the Independent.

“F1 needs more teams. There are too many talents in motorsport to not have more teams. But when I go through it, it is highly aspirational and absolutely, very ambitious. Still, I’d loved to be involved financially.”

Article continues below

Entering a team into F1 is by no means an easy feat, with the FIA set to decide which proposed entries are best suited to the sport.

With only two new team slots available for 2025 onwards, Lo’s team needs to be as perfect as possible in order to be successful, especially given how many sides are fighting over one place due to Andretti being almost certain for 2025.

He is aware of how challenging it’ll be to make the grid; however, he’s prepared to do whatever it takes to ensure that F1 doesn’t “forget” about Asia.

“Putting money into the team is not the difficult part,” he explained.

“It’s making sure it’s sustainable; otherwise it’s embarrassing for everyone. It’s very intricate, even with an established group of people, with all the sponsorship and the detail.

READ: Brazilian driver comments on ‘bad guy’ Fernando Alonso

“But there’s so much potential in this part of the world – it’d be so advantageous to the Asian community and to the F1 ecosystem.

“To truly make F1 global, we cannot forget this part of the world. There are races, but the penetration is not high and it’s wasted.

“I would love to have an Asian team with a base in the Pearl River Delta [the wealthiest region in south China]. The initial few seasons would be tough but it’s important for the sport to have more exposure and commitment here.”

Following the Miami GP, it was rumoured that tech billionaires Jeff Bezos and Elon Musk were interested in purchasing Formula 1 from Liberty Media.