Hitech have confirmed an application to race in Formula One after receiving investment from Kazakhstani billionaire Vladimir Kim.
The mining, banking and aviation magnate is worth a reported £3.6billion and has acquired 25 per cent of the Silverstone-based team, which currently races in several junior single-seater championships.
In an announcement on Monday, Hitech revealed their plans to enter F1 have been in the works for almost two years as they look to race from the 2026 season.
Kim, who has previously thrown his financial muscle behind Kazakh athletes including boxer Gennady Golovkin, said: “Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organisation that has enjoyed success in so many categories and has such ambitions for its future.
“We have an established involvement with sport; however, this is our first global investment in motorsport.
“Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially.”
Hitech entered the F2 championship in 2020 and currently run Red Bull Junior duo Isack Hadjar and Jak Crawford in their car.
The FIA are already considering a bid from Andretti Autosport, in partnership with Cadillac, to enter F1 in 2026.
Some existing teams have pushed back against the idea of new marques entering the championship, which would dilute their share of the sport’s revenues, with an entry fee possibly rising to several hundred millions of pounds rumoured to be in the works.
