Billionaire reveals intent to launch Formula 1 team              

Calvin Lo has suggested that he could either enter F1 as a new team, or purchase an existing one with the aim of being involved by 2026

Calvin Lo has a long-standing passion for Formula 1, claiming that his first sighting of Michael Schumacher racing for Ferrari in 2000 has had a major impact on his life and how he goes about his business.

Lo reportedly has a net worth of around $1.7 billion and manages billions in assets after becoming the CEO of R.E. Lee Capital, the largest life insurance broker in the world.

The 45-year-old already has some loose links to Formula 1 as he finds himself involved in Dorilton Capital, who own Williams Racing, and has now stated his intent to get involved in the sport with a team of his own.

“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 claimed.

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“We’ve been looking at a current team and that’s how the idea of starting a new team came about. There are lots 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.

“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.”

2026 will already see one team transition to new owners, as Audi prepare to enter the grid as they complete their takeover of Sauber, leaving fans to guess which team Lo claims to have looked at purchasing.

Michael Andretti has already faced resistance from F1 boss Stefano Domenicali in his bid to join to 2026 grid, with the Italian claiming that Formula 1 are currently not planning to extend the amount of cars on the grid beyond the current 20.

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It has been rumoured that either Red Bull or AlphaTauri may come up for sale in the not-so-distant future, as the tragic passing of Red Bull owner Dietrich Mateschitz left fans debating what was next for the team.

Helmut Marko has been quick to squash these rumours however, claiming that Red Bull still have a lot which they would like to achieve in Formula 1, reinforcing their intent to hang around for years to come.

Calvin Lo may be forced to look at taking majority ownership of a team with the aim of a full takeover in the future, as majority of the teams on the current grid look to achieve their long-term goals set at the start of this new era of Formula 1.