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.
