When it comes to billionaires signalling their intentions to invest in sport, Calvin Lo seems to break the mould.
His business acumen is renowned worldwide of course, the reputation of a CEO capable of handling the world’s largest life insurance broker firmly established, and the reported net worth of £1.385 billion widely circulated. But within seconds of speaking to the R.E. Lee Octagon supremo, it's clear his ambitions to make an impact in the world of F1 are laced caution and realism.
There is no LIV Golf like nonsense about overhauling the status quo, no Roman Abramovich dictatorship type demands for instant success, no perplexing Sam Hamman style pledges to make Cardiff as big as Barcelona. Instead, Lo's goals seemingly derive from a genuine passion for the sport, and a love affair dating back to the turn of the century.
“Very easy," came the enthusiastic reply when asked what ignited his interest in F1. "It comes from about 22 years ago, and the only person that got me attracted was Michael Schumacher. To me motor racing was just cars running around a circuit, I didn’t have any particular interest until one day I was flicking the channels, saw F1 racing was on, and saw this guy called Schumacher.
“The commentators were raving about him so I just sat there and it was that race when I realised that it was not just one driver or one car. There’s a team of people behind it, with the smartest people and strategists, so to me that was intriguing . That was the part that got me interested and got me hooked.”
Lo the fan is no false persona. He speaks in depth about how F1's new regulations altered the field this year, about Red Bull's resurrection after seven years without a drivers' title. The intricacies of the sport, the notion that small alterations and angles on cars can change outlooks and performance, clearly enthuses him.
But alas, the 45-year-old is not currently in the news for his admiration of F1, but more so is intention to enter his own team into it. There is no attempt to deny or play down such reports, but there is an implication that in this particular case, it’s slow and steady that’ll win the race.
“It’s funny, F1 is the fastest thing going, but it’s the slowest thing when it comes to documentations and logistics,” he explained. “I think we are still in early stages, relatively speaking, but definitely exploring and punching numbers right now.”
Money is not the problem. And nor, does it seem, is misplaced ambition: “The funny thing is the entry bar is not the issue,” he added. “It’s not the £200 million entry fee. The issue is making sure we are able to sustain and continue after one year, two years, three years and so on. That’s the part where the number crunching is important.
“Obviously you can’t expect to just go in there, win races and make lots of money from the first day. That’s the hurdle that everyone looking to get into F1 must understand.”
The plan is for Lo to have an 11th team on the F1 grid as early as 2026, a desire he insists is “realistic and attainable,” but one that will be besieged with obstacles: “If that’s the path to go down we will need to operate very fast,” he conceded. “Decisions will have to be made really quickly. It’s a huge, huge order to put a car out there - not to mention the politics within the F1 world, that’s another hurdle.”
However, the likelihood remains that it won’t take Lo four years to become ingrained in the sport. His own personal venture may still be some time away, but he admits talks with current teams over immediate investment are ongoing. The businessman has been strongly linked with Williams, but this is one topic where transparency has to be contained.
“There’s a few players in there right now who have had some financial difficulties this last season, or maybe two seasons ago,” he explained. “Some intermediaries have approached me and asked ‘are you interested?’ One thing led to another and we are just weighing out which route gives us the most financial opportunities. The talks are still very private, but it’s safe to say it’s the usual suspects (who he’s spoken too). A few teams are widely known to have issues.”
But what could Lo’s involvement, whether it be short term investment or team supremo, do for a concept that has already spread its wings significantly this past decade. And can he potentially pave the way for greater Asian representation in motor sport’s biggest show?
“Yes and no. I think we have to be realistic, of course everyone wants their home country on the grid,” he replied, perhaps surprisingly. “But the sport right now seems as if it’s very contained within Europe - which is not a bad thing. They literally grew up with it. I think just to have some Asian influence is already good enough, that's something that broadens viewership.
“And that's wide reaching. My daughter, whose 12, at school they have design classes and one of her tasks has been to design an F1 car. Even in schools in Hong Kong they are doing that. Just ideas about things like pushing down the car wing - that basic knowledge of an F1 car is quite amazing. When I saw that I was like ‘wow, I wish I had that class’.”
Lo readily admits to have analysed how the front runners like Red Bull, Mercedes, and Ferrari work, and claims studying Schumacher's initial dominance works helped paved his own team business strategies. But is admiration for all entrants is obvious, describing any team on the grid as "already incredible."
And can he himself be 'incredible' within F1 circles. The passion is undeniably there, as is the modest understanding that strolling in and piling up immediate podium finishes is a far-fetched notion. But as Lo himself insinuates, the potential to be a game-changer in what is now a worldwide phenomenon is clearly there: “I believe a non-F1 person coming in may be good for the sport," he says.
"Different perspectives, ideas, and business angles. Maybe something different will come out of this.”
