Not a lot is known about mysterious Hong Kong billionaire Calvin Lo, but his intentions of creating the first new Formula 1 team in a decade appear to be serious.
It's understood Canada-born Lo—chief executive of the biggest life insurance broker in the world—is in talks with 'a number of teams and drivers' in the industry to form a new outfit. The 46-year-old boasts an estimated personal wealth of $1.7billion (£1.4bn) and could spearhead a consortium involving some of Asia's uber-rich, or form a team using his own funds.
American manufacturer Haas was the latest addition to the F1 grid in 2016, and organisers aren't expected to allow any new entries until 2026 at the earliest. Lo grew up idolising Michael Schumacher during the legend's prime years at Ferrari but now seems intent to grasp the opportunity to take his own seat among the elite.
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“I love how Formula 1 is not just a one-man show; but rather, a group of extremely talented people coming together, committed to one goal," said the investment magician. “There are consistently good teams in F1 but they are not able to come up with the right car.”
Lo attended the Singapore Grand Prix in October and has been a VIP guest at races in Shanghai, Malaysia, Montreal, Melbourne and more. Formula 1 is set to stage a record 23 races in 2023, even after the Chinese Grand Prix was wiped from the schedule do to the country's Covid-19 policy.
That expansion backs up Lo's belief there are 'untapped opportunities' in the sport, which has “entered a new era with growing popularity and a new generation of fans.” The entrepreneur and philanthropist hasn't put many a foot wrong with his investment strategies to date, suggesting the timing of his interest is well-placed.
It's widely accepted that any new addition in F1 will have to stump up a $200m (£166m) entry fee, which would then be distributed among the existing teams. Lo already has ties in the sport via some form of involvement with Williams, though he's declined to provide details in the past due to non-disclosure agreements.
The low-profile billionaire has been described as one of Asia's biggest champagne collectors. To give a sense of the tycoon's wealth, he once confirmed a $230m purchase in a single order from France.
If one has those kinds of funds to splash on a batch of bubbly, it's likely safe to assume the money could be put to use in the name of motorsport. While Lo's fortune may be dwarfed by the likes of Red Bull, Mercedes and Ferrari, he may have a major role to play as the prospect of an Asian entrant looms large.
