Billionaire Calvin Lo said he is having “serious discussions” over a potential F1 involvement after revealing his plans to be part of a new team last year.
Calvin Lo is not a name too many F1 fans would have been aware of but he made headlines back in December when he announced he was looking to be part of a new team aiming to get on the grid.
The billionaire, who made his money through the life insurance brokerage firm R.E. Lee International, already has an existing relationship with the sport as an investor in the WIlliams outfit but Lo wants more involvement, telling PlanetF1.com last year that his goal was to be part of F1 by 2026.
Lo is not alone in this dream with three potential teams having made their interest publicly known but the most vocal amongst them, Andretti, have found their path blocked with F1 teams unwilling to reduce their own share of the profit.
But it is coming to a crucial point of the year as the FIA Expression of Interest process closed last Sunday with an announcement on who has passed the test soon to be made.
Lo recently confirmed his interest remains in being part of a new venture, telling the Independent that he is having “serious discussions” with potential partners.
“F1 needs more teams. There’s too many talents in motorsport to not have more teams. But when I go through it, it is highly aspirational and absolutely, very ambitious. Still, I’d loved to be involved financially.”
Lo has made it clear he has no interest in becoming a owner/team principal such as Eddie Jordan and Alain Prost of the past and indeed Toto Wolff in today’s paddock, instead, as perhaps can be expected with a man whose net worth is over $2 billion, he is more focused on the financial aspects.
“I won’t get myself into that vicious cycle where I can’t hit those financial markers,” he says, adamantly.
“Putting money into the team is not the difficult part. It’s making sure it’s sustainable; otherwise it’s embarrassing for everyone. It’s very intricate, even with an established group of people, with all the sponsorship and the detail.
“But there’s so much potential in this part of the world – it’d be so advantageous to the Asian community and to the F1 ecosystem.”
Lo is not alone in his goal of wanting to harness Asia as the next F1 market. This month, former members of the Panthera bid announced a new team called LKY SUNZ.