Hong Kong billionaire looking to back new F1 team for 2026
Lo, the CEO of insurance company RE Lee International, previously expressed his desire to get involved in F1.
He has now indicated he would favour joining forces with one of the teams bidding to join the grid, rather than setting up his own team.
“The financial part, believe it or not, to me is actually not the biggest problem,” Lo, whose personal net worth is estimated at $1.7bn by Forbes, told Reuters.
“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, have come 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.”
Although Lo refused to disclose which teams he was in discussions with, he ruled out collaboration with the all-American Andretti/Cadillac and Hitech Grand Prix bids.
That suggests Lo is potentially looking at involvement with the Panthera Team Asia, who confirmed they are working on their application for the FIA’s new Expression of Interest process in February.
Lo wants F1 to explore the Asia market further and is keen to help bring more Asian people into the sport.
“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: “I would like to see F1 to be more involving Asia, more Asian talent, not just the drivers but from behind the scenes.”