Calvin Lo, CEO of insurance company RE Lee International, has shown his interest in investing in the Formula 1. He is considering to back the bidding for a future F1 entry.
Last year, Lo surfaced as a potential investor in the sport. Initially, he remained confused to whether invest in old project or new entry. However, at this time, he seems inclined toward investing in the new teams expected to join the sport.
FIA has announced a deadline on 30 April for formal applications for registration of interest for the new teams. However, the FIA “may move slightly for administrative purposes.”
Reportedly, Hong Kong billionaire is connected to the Williams F1 team after its sale to Dorilton Capital in 2020. But Lo declined to comment about his nature of involvement with the team.
“I could say that there are involvements through investment companies to be co-investing into that team,” he told Reuters.
“I think that’s the most I could say, especially now that we’re possibly bidding for a new team for 2026.”
Lo indicated in Reuters interviews his lack of interest in the Andretti/Cadillac and Hitech GP bids. It leaves only Panthera Team Asia in which he could invest for his entry.
“The financial part, believe it or not, to me is actually not the biggest problem,” said Lo.
“It’s actually gathering all the expertise, the mechanics, the whole team together, into one unit.
“So right now there are a few opportunities coming up, and we are talking quite seriously with a few teams.”
Lo added: “I’m just here waiting, looking at the reports, looking at the numbers, making sure everything looks fine for the long term.”
He claims one team, of his interest, has applied for an entry. But another team is “still going on behind the scenes doing their thing.” Lo hinted to focus the attention to Asia rather than US.
“I think there are a lot more Asian players, investors, who want to get into this sport. More than we could ever imagine,” he said.
“I’m fortunate enough to be able to know many of them. And they’ve sounded out and expressed their interest in getting involved. So a consortium, pool resources together.”
He expressed his intent to take more Asian people onboard. He added: “I would like to see F1 to be more involving Asia, more Asian talent, not just the drivers. But from behind the scenes.”
