19 May 2023
Hong Kong-based billionaire Calvin Lo already has financial links to Formula One. He was involved in the 2020 takeover of the Williams team by US-based investment firm Dorilton Capital.
Mr Lo says he wants a more significant Asian presence in F1 and is in talks with potential new teams, with the 2026 season as his target.
He says he has been ‘hooked’ on the sport since watching Michael Schumacher’s Ferrari on TV in the early 2000s.
He has engaged with potential embryo teams but clearly ruled out involvement with the Andretti Cadillac or Hitech.
There is the bid being put forward, Craig Porlock, although this is thought to be funded by Saudi Arabia.
But the bush telegraph identifies a possible joint interest with the Indian billionaire behind the Mumbai Falcons Racing Team, which aligns with Calvin’s views regarding an Asian representation.
Mumbai Falcons plan to develop a world-class racing and karting facility in India, which will serve as a hub for motorsport.