Hong Kong Billionaire Lo in Talks with Potential F1 Teams

Calvin Lo, Chief Executive Officer of R.E. Lee International, poses for photos, in Hong Kong, China April 12, 2023. REUTERS/Lam Yik
Calvin Lo, Chief Executive Officer of R.E. Lee International, poses for photos, in Hong Kong, China April 12, 2023. REUTERS/Lam Yik
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Hong Kong Billionaire Lo in Talks with Potential F1 Teams

Calvin Lo, Chief Executive Officer of R.E. Lee International, poses for photos, in Hong Kong, China April 12, 2023. REUTERS/Lam Yik
Calvin Lo, Chief Executive Officer of R.E. Lee International, poses for photos, in Hong Kong, China April 12, 2023. REUTERS/Lam Yik

Hong Kong-based billionaire Calvin Lo, who already has financial links to Formula One team Williams, says he would like to see a greater Asian presence in F1 and is in talks with potential new teams.

The chief executive of insurance broker RE Lee International told Reuters he was considering backing a bid to enter in 2026 and money was not the major hurdle.

While he would not identify the teams, he ruled out involvement in a planned all-American Andretti Cadillac outfit and another Hitech Grand Prix one.

"The financial part, believe it or not, to me is actually not the biggest problem," he told Reuters at his Hong Kong headquarters in the central business district.

"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 said his existing ties to Williams would not pose any problem.

Formula One's governing body has sought bids from potential new teams with a deadline provisionally set for April 30, although Lo indicated it had been pushed back to May. read more

Formula One has 10 teams and is limited to a maximum 12 up to and including the 2025 season. The sport will have a new power unit from 2026.

Lo said one potential team he was talking to had already applied and another was "still going on behind the scenes doing their thing.

"I'm just here waiting, looking at the reports, looking at the numbers, making sure everything looks fine for the long term," he said.

Any new team must pay a $200 million fee, with that money shared by the existing competitors as compensation for the dilution of the share of revenues.

Some teams feel the entry fee should be significantly greater, reflecting the sport's rise in popularity and value with even once-fragile teams now operating as sustainable franchises.

Lo said a non-disclosure agreement prevented him giving details of his involvement with former champions Williams, who were bought by U.S.-based private investment firm Dorilton Capital in 2020.

"I could say that there are involvements through investment companies to be co-investing into that team," he said. "I think that's the most I could say, especially now that we're... possibly bidding for a new team for 2026."

FOCUS ON ASIA

Lo also said Liberty Media-owned Formula One had been "focusing too much on the U.S." and needed to pay more attention to Asia and its potential.

"I think there are a lot more Asian players, investors, who want to get into this sport - more than we could ever imagine," he added, mentioning also car manufacturers in Japan, South Korea and China.

"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 of those unidentified investors.

Formula One has three U.S. races this year, including a new night-time extravaganza in Las Vegas, while the Chinese Grand Prix has been cancelled for the fourth year in a row due to the COVID-19 pandemic.

The sport races in Singapore and Japan but past rounds in South Korea and Malaysia have dropped off the calendar and a planned race in Vietnam came to nothing.

Lo said he was keen to set up an academy in south-east Asia, maybe even in Hong Kong, to train people for a career in all areas of 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," he said.



Rafael Nadal Retired after the Davis Cup. It's a Rare Team Event in Tennis

Spain's Carlos Alcaraz, left, shakes hands with Rafael Nadal during a training session at the Martin Carpena Sports Hall, in Malaga, southern Spain, on Sunday, Nov. 17, 2024. (AP Photo/Manu Fernandez)
Spain's Carlos Alcaraz, left, shakes hands with Rafael Nadal during a training session at the Martin Carpena Sports Hall, in Malaga, southern Spain, on Sunday, Nov. 17, 2024. (AP Photo/Manu Fernandez)
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Rafael Nadal Retired after the Davis Cup. It's a Rare Team Event in Tennis

Spain's Carlos Alcaraz, left, shakes hands with Rafael Nadal during a training session at the Martin Carpena Sports Hall, in Malaga, southern Spain, on Sunday, Nov. 17, 2024. (AP Photo/Manu Fernandez)
Spain's Carlos Alcaraz, left, shakes hands with Rafael Nadal during a training session at the Martin Carpena Sports Hall, in Malaga, southern Spain, on Sunday, Nov. 17, 2024. (AP Photo/Manu Fernandez)

Rafael Nadal wanted to play his last match before retiring in Spain, representing Spain and wearing the red uniform used by Spain's Davis Cup squad.

“The feeling to play for your country, the feeling to play for your teammates ... when you win, everybody wins; when you lose, everybody loses, no?” Nadal, a 22-time Grand Slam champion, said a day before his career ended when his nation was eliminated by the Netherlands at the annual competition. ”To share the good and bad moments is something different than (we have on a) daily basis (in) ... a very individual sport."

The men's Davis Cup, which concludes Sunday in this seaside city in southern Spain, and the women's Billie Jean King Cup, which wrapped up Wednesday with Italy as its champion, give tennis players a rare taste of what professional athletes in soccer, football, basketball, baseball, hockey and more are so used to, The AP reported.

Sharing a common goal, seeking and offering support, celebrating — or commiserating — as a group.

“We don’t get to represent our country a lot, and when we do, we want to make them proud at that moment,” said Alexei Popyrin, a member of the Australian roster that will go up against No. 1-ranked Jannik Sinner and defending champion Italy in the semifinals Saturday after getting past the United States on Thursday. “For us, it’s a really big deal. Growing up, it was something that was instilled in us. We would watch Davis Cup all the time on the TV at home, and we would just dream of playing for it. For us, it’s one of the priorities.”

Some players say they feel an on-court boost in team competitions, more of which have been popping up in recent years, including the Laver Cup, the United Cup and the ATP Cup.

“You're not just playing for yourself,” said 2021 US Open champion Emma Raducanu, part of Britain's BJK Cup team in Malaga. “You’re playing for everyone.”

There are benefits to being part of a team, of course, such as the off-court camaraderie: Two-time major finalist Jasmine Paolini said Italy's players engaged in serious games of UNO after dinner throughout the Billie Jean King Cup.

There also can be an obvious shared joy, as seen in the big smiles and warm hug shared by Sinner and Matteo Berrettini when they finished off a doubles victory together to complete a comeback win against Argentina on Thursday.

“Maybe because we’re tired of playing by ourselves — just for ourselves — and when we have these chances, it’s always nice,” Berrettini said.

On a purely practical level, this format gives someone a chance to remain in an event after losing a match, something that is rare in the usual sort of win-and-advance, lose-and-go-home tournament.

So even though Wimbledon semifinalist Lorenzo Musetti came up short against Francisco Cerúndolo in Italy's opener against Argentina, he could cheer as Sinner went 2-0 to overturn the deficit by winning the day's second singles match and pairing with Berrettini to keep their country in the draw.

“The last part of the year is always very tough,” Sinner said. “It's nice to have teammates to push you through.”

The flip side?

There can be an extra sense of pressure to not let down the players wearing your uniform — or the country whose anthem is played at the start of each session, unlike in tournaments year-round.

Also, it can be difficult to be sitting courtside and pulling for your nation without being able to alter the outcome.

“It’s definitely nerve-racking. ... I fully just bit all my fingernails off during the match," US Open runner-up Taylor Fritz said about what it was like to watch teammate Ben Shelton lose in a 16-14 third-set tiebreaker against Australia before getting on court himself. "I get way more nervous watching team events, and my friends play, than (when it’s) me, myself, playing.”