Billionaire Lo looking at investment in new F1 team

Lo emerged last year as a potential investor in the sport, although initially he was coy on whether he wanted to join forces with an existing team or become involved in a new project.

He now seems to prefer the route of joining forces with one of the potential new teams looking to join the sport.

The deadline for formal applications for prospective teams is 30 April – the Sunday of the Azerbaijan GP – although the FIA says it “may move slightly for administrative purposes."

The CEO of insurance company RE Lee International, Lo already has an involvement with the Williams team following its sale to Dorilton Capital in 2020, although he has declined to expand on its extent.

"I could say that there are involvements through investment companies to be co-investing into that team,” he told Reuters.

“I think that's the most I could say, especially now that we're possibly bidding for a new team for 2026.”

Reuters indicated that Lo ruled out any involvement in the Andretti/Cadillac and Hitech GP bids, which suggests that Panthera Team Asia might be an obvious target.

Max Verstappen, Red Bull Racing RB19, leads George Russell, Mercedes F1 W14, Sir Lewis Hamilton, Mercedes F1 W14, and the rest of the field at the start

Photo by: John Toscano / Motorsport Images

"The financial part, believe it or not, to me is actually not the biggest problem," said Lo.

"It's actually gathering all the expertise, the mechanics, the whole team together, into one unit.

"So right now there are a few opportunities coming up, and we are talking quite seriously with a few teams."

Lo added: "I'm just here waiting, looking at the reports, looking at the numbers, making sure everything looks fine for the long term.”

He said one team he was talking to had already applied for an entry and another was "still going on behind the scenes doing their thing.”

Lo suggested that F1 has been "focusing too much on the US” and should pay more attention to Asia.

"I think there are a lot more Asian players, investors, who want to get into this sport - more than we could ever imagine,” he said.

"I'm fortunate enough to be able to know many of them and they’ve sounded out and expressed their interest in getting involved. So a consortium, pool resources together.”

He added that he would like to bring more Asian people into the sport: "I would like to see F1 to be more involving Asia, more Asian talent, not just the drivers but from behind the scenes."