Tuesday October 3, 2023

Potential New Formula 1 Team Focus of Billionaire’s Recent Talks

  • Insurance billionaire Calvin Lo is in talks with multiple potential bidders for a new Formula 1 team.
  • He wants to grow the Asian presence in F1.
Formula-1
John David Mercer-USA TODAY Sports
Front Office Sports Today

NBC Could Get In On College Football Playoffs

NBC is exploring broadcasting a slice of the expanded CFP in 2026.
Listen Now
October 3, 2023 | Podcast
Linkedin
Copy Link
Link Copied
Link Copied

Formula 1 is considering adding up to two teams — and a billionaire backer could tip the scales and expand the league’s geographic reach.

Calvin Lo, CEO of insurance company RE Lee International, is in talks with multiple potential entrants into F1. The FIA charges an entry fee of $200 million for new teams, though some existing teams want to increase that figure to $600 million or more.

“The financial part, believe it or not, to me, is actually not the biggest problem,” Lo told Reuters. “It’s actually gathering all the expertise … the mechanics, the whole team together into one unit.”

Lo, who is involved with the Williams team already, said there wouldn’t be a conflict of interest in backing a new team.

While he wouldn’t disclose his potential partners’ identities, Lo denied dealing with either the all-American tie-up of Andretti Autosport and Cadillac or the Hitech Grand Prix group, which already has a presence in Formula 2 and Formula 3.

Drivers round turn 15 during practice for the Formula 1 Aramco United States Grand Prix

Formula 1 Veteran Pitches Male-Female Team

Every job on the team would be split between men and women.
March 29, 2023

Driving Expansion

Lo has said he wants to grow F1’s connections to Asia and has considered establishing a racing academy in Hong Kong.

F1 races around the globe, but 15 of its 20 drivers hail from Europe. The series has two Asian drivers, Alfa Romeo’s Zhou Guanyu and AlphaTauri’s Yuki Tsunoda. 

F1 held its first race in China in 2004 but hasn’t done so since 2019 due to the country’s restrictive pandemic policies.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

Bayern Munich

Real Madrid Rejects $137M League Deal Over Media Access

The La Liga club is not offering extra media access.

Barclays Center Finances Struggling In Competitive NY Arena Market

Brooklyn venue faces fierce competition in crowded New York market

Messi Business Still Growing Despite Inter Miami's Slim Playoff Hopes

Season ticket demand for 2024 is reportedly skyrocketing.

MLB Expansion Suitors Grow, Even Without Formal Process

Montreal, Raleigh amplify their pitches for new MLB team
podcast thumbnail mobile
Front Office Sports Today

NBC Could Get In On College Football Playoffs

0:00
0:00

Featured Today

An advocacy group is filing an NLRB case against the Ivy League over athlete compensation.

Advocacy Group Files Federal Labor Charge Against Ivy League

It’s the latest in a flurry of NLRB cases over amateurism.
The Colorado Buffaloes played in the most-watched game of Week 5.
October 3, 2023

Colorado Ratings Bonanza Continues Despite Two Consecutive Losses

The Buffs’ least-watched game this season was still the most-watched this week.
Football analyst and PFF investor Chris Collinsworth talks to man in front of computers
October 3, 2023

Cris Collinsworth 'Lost a Lot of Sleep' Over Pro Football Focus Leadership Issues

New book details why it’s no longer a “happy place to work.”
NBC is interested in media rights to the expanded College Football Playoff.
exclusive
October 2, 2023

NBC Is Interested in Expanded College Football Playoff Media Rights

NBC is one of the networks pitching the CFP, a source confirmed.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
Chicago
Fanatics
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations
Los Angeles Clippers owner Steve Ballmer stands court side before the game against the Golden State Warriors Chase Center.

The 20 Richest American Sports Team Owners for 2023

LA Clippers owner Steve Ballmer is first for a ninth straight year.
Team 23XI owner Michael Jordan looks on from pit road during qualifying before the Ally 400 at Nashville.
October 2, 2023

Michael Jordan’s Estimated Net Worth Hits $3B

The NBA legend sold the Charlotte Hornets for $3 billion in June.
Boston Unity formally announces its successful NWSL expansion bid with a media and community event alongside Mayor Wu and other dignitaries at City Hall Plaza in Boston, Massachusetts.
September 22, 2023

Brad Stevens, Wife Invest In Boston’s Expansion NWSL Franchise

“It’s cool to be on that ground floor,” Stevens said.
September 11, 2023

Josh Harris Was Commanders’ Only Option Despite ‘Really Complicated Deal’

Harris told FOS he was the only real option left as owner.
Spain's women's national soccer team says it will not play matches until federation president Rubiales is removed.
September 10, 2023

Spanish Federation President Resigns In Wake Of WWC Scandal

Embattled executive shifts course, but remains insistent of his innocence
Los Angeles Angels owner Arte Moreno (right) and outfielder Mike Trout
September 1, 2023

Former Marlins Exec Predicts MLB Team Sales Amid Media Rights Uncertainty

David Samson believes the Orioles, Angels, and Nationals could be sold soon.
August 10, 2023

49ers CEO Accused Of Insider Trading Amid Chegg Controversy

Shareholder lawsuits make series of financial misconduct claims
June 26, 2023

Wizards, Capitals Owner Explores Arena Options, Possible Move

Monumental Sports & Entertainment chairman Ted Leonsis is now asking big questions about the future of the 25-year-old Capital One Arena.