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
TT
20

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.



Departing Spurs Captain Son in Tears on Emotional Evening

Son Heung-min of Tottenham Hotspur applauds to spectators after the pre-season friendly match between Newcastle United vs Tottenham Hotspur at the Sangam World Cup stadium in Seoul, South Korea, 03 August 2025. (EPA/Yonhap)
Son Heung-min of Tottenham Hotspur applauds to spectators after the pre-season friendly match between Newcastle United vs Tottenham Hotspur at the Sangam World Cup stadium in Seoul, South Korea, 03 August 2025. (EPA/Yonhap)
TT
20

Departing Spurs Captain Son in Tears on Emotional Evening

Son Heung-min of Tottenham Hotspur applauds to spectators after the pre-season friendly match between Newcastle United vs Tottenham Hotspur at the Sangam World Cup stadium in Seoul, South Korea, 03 August 2025. (EPA/Yonhap)
Son Heung-min of Tottenham Hotspur applauds to spectators after the pre-season friendly match between Newcastle United vs Tottenham Hotspur at the Sangam World Cup stadium in Seoul, South Korea, 03 August 2025. (EPA/Yonhap)

Departing Tottenham captain Son Heung-min was in tears and his teammates threw him in the air on an emotional evening in his native South Korea on Sunday.

Spurs drew 1-1 with Newcastle in a pre-season friendly in Seoul but that was secondary to the farewell for the 33-year-old attacker.

In what could have been his final game for the north Londoners, Son played 65 minutes but did not score at Seoul World Cup Stadium, a day after announcing his decision to leave Tottenham this summer after a decade.

He left the pitch to a thunderous ovation from nearly 65,000 fans, hugging his teammates and even his opponents.

The South Korean captain was caught offside twice in the early going, as his teammates tried to create opportunities for him, but didn’t really assert himself on the match otherwise.

Son was replaced in the 65th minute by Mohammed Kudus and he walked off in tears as thousands of fans chanted his name.

"I didn’t think I was going to cry at first," Son said.

"But after hearing a few words from my teammates, leaving the club I’ve spent so much time with felt really tough.

"I felt really, really happy playing this match. Thanks to my fans, my teammates and also my opponents, I've had an unforgettable day.”

Son, who has been linked with LAFC in Major League Soccer, declined to reveal his next destination, saying: "Nothing has been finalized."

Tottenham coach Thomas Frank said he enjoyed the "unbelievable, beautiful scenes" Son had with players from both sides on his way off the pitch.

Newcastle boss Eddie Howe said his players’ reaction to the end of Son’s night had not been planned ahead.

"I think it was very instinctive from the players,” Howe said.

"I think that speaks volumes for him as a person and him as a footballer that both teams recognize the way he's played the game."

Brennan Johnson’s right-footed strike opened the scoring for Tottenham in the fourth minute, and the Welsh forward paid homage to Son by mimicking the South Korean star’s camera celebration.

Harvey Barnes levelled in the 38th minute, beating Antonin Kinsky with a right-footed shot that went in off the post.