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While Formula 1 may be struggling to invigorate the spectacle of racing amid another anticipated year of Red Bull dominance, one area it is not struggling in is the off-track coffers. With more races than ever before, and the bumper profits that go with it, an inevitable side-effect is wandering eyes from afar. The sport’s governing body, the FIA, has thus opened an “expressions of interest” process in January for new potential teams to join the current 10-team grid, perhaps as soon as 2025. Enter Calvin Lo: a Hong Kong-based billionaire. CEO of R.E. Lee International, the world’s largest life insurance broker, the 45-year-old has been “hooked” on the sport since glimpsing Michael Schumacher’s Ferrari on TV in the early 2000s. A trip to Shanghai for the first Chinese Grand Prix in 2004 underlined that adoration. But now, spectating from the paddock isn’t enough. “I’m having serious discussions about getting involved right now,” he tells The Independent, from an office in Singapore, with all the paperwork lying in front of him. “There’s actually quite a few proposals in front of me right now to see how I can participate. “F1 needs more teams. There’s too many talents in motorsport to not have more teams. But when I go through it, it is highly aspirational and absolutely, very ambitious. Still, I’d loved to be involved financially.” But not at the cost of his reputation. Financial prudence and sustainability are at the forefront of his thinking, with the extended FIA deadline for applications closing on Sunday. The entrance fee for any new team is $200m, shared by all the current teams. Mercedes boss Toto Wolff has previously remarked that $1bn is realistically required to fight at the front, a figure Lo agrees is “fair” given the basic costs of recruitment and car development. “I won’t get myself into that vicious cycle where I can’t hit those financial markers,” he says, adamantly. “Putting money into the team is not the difficult part. It’s making sure it’s sustainable; otherwise it’s embarrassing for everyone. It’s very intricate, even with an established group of people, with all the sponsorship and the detail. “But there’s so much potential in this part of the world – it’d be so advantageous to the Asian community and to the F1 ecosystem.” Audi have already confirmed their entry in 2026, taking over from Alfa Romeo (Sauber), while American giant Ford has partnered with Red Bull for the world champions’ new powertrains division. While Lo was tight-lipped about naming potential partnerships, he did emphasise his eagerness to join forces with a new team via the current FIA process. Confirmed bids from Andretti Cadillac, as well as a mooted submission from junior formula outfit Hitech GP, were ruled out. An association with Panthera Team Asia, therefore, seems most probable at this point. Lo also has a financial link with Williams’ F1 team, who were bought by private investment firm Dorilton Capital nearly three years ago, but non-disclosure agreements preclude him from elaborating further. He was insistent, however, that any new team would not present a conflict of interest. Instead, his new venture, likely based out of Asia, would be his primary focus. The continent is a “huge untapped market” for the sport, in Lo’s view, amid the Americanisation of the sport witnessed at the weekend in Miami. An academy for drivers and academics alike is also a target. “To truly make F1 global, we cannot forget this part of the world,” he says. “There are races, but the penetration is not high and it’s wasted. “I would love to have an Asian team with a base in the Pearl River Delta [the wealthiest region in south China]. The initial few seasons would be tough but it’s important for the sport to have more exposure and commitment here. “It’d be great to have an academy here. Recruiting talents not just for F1, but aeronautics and legal avenues. For young people to be exposed to this kind of world, it could change someone’s life. “With [F1’s new regulations in] 2026 and the net-zero target of 2030, now is the perfect time to be involved behind the scenes.” Working in the shadows is just how Lo operates. Widely publicised as the “secretive” or “under-the-radar” billionaire – who has a net worth of $1.7bn (£1.3bn) according to Forbes – he covets privacy, despite a lucrative lifestyle which includes owning a suite of supercars and a collection of tip-top champagne, with a single batch costing $230m. “If I go into F1, you won’t see me,” he reveals. “It’s not my style. It’s also partly to do with my main business and working with clients. “In my view, the wealthier you are… you don’t go out and flaunt it. Well some do, most don’t!” McLaren CEO Zak Brown believes there will be at least four prospective teams interested in joining the sport, while F1’s regulations cater for only two more spots. Lo has been included in an initial application to play a financial role – even if he won’t be the face of said new team – and the FIA intends on making a decision about which teams will be granted a shot at the big time by the end of June. “By 2026, it will be a different world we live in and it’d be pretty amazing to be part of that change,” he concludes. “It’s now about looking at all the plans and making a decision truly from a financial point of view. “The skeleton is already there. It’s now just getting everyone to commit themselves.” Read More FIA formally opens applications for new teams to join F1 grid Andretti joins forces with General Motors to target Formula 1 entry FIA boss ‘surprised’ at ‘adverse reaction’ to Andretti’s F1 bid with Cadillac Aussie billionaire David Dicker enters race for new team to join F1 grid Ford to rejoin Formula 1 as engine partner for Red Bull from 2026

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Liverpool continue to hunt reinforcements as they bid to put a difficult season last campaign behind them. Jurgen Klopp’s club entered the transfer window with a clear emphasis on bolstering their midfield, particularly considering the confirmed departures of James Milner, Fabio Carvalho, and Alex Oxlade-Chamberlain, as well as the exit of Jordan Henderson. The club has been proactive in pursuing this objective, and still may not be done yet in the market. Meanwhile, one of Jurgen Klopp’s stars has been linked with a mega-money transfer to Saudi Arabia, with both Henderson and Fabinho already having moved to the Middle East. LIVE: Follow all the latest transfer moves as deadline day approaches Here are the latest news and transfer updates around Anfield: Mohamed Salah Mohamed Salah has emerged as a target for Saudi Arabian champions Al Ittihad as the Middle Eastern league continues to flex its financial muscles after significant backing from the country’s Public Investment Fund. The Saudi Pro League have already bought Fabinho, Roberto Firmino and Jordan Henderson from the Merseyside club this summer but are now said to have turned their attention to Jurgen Klopp’s star forward, who only signed a new contract at the start of last season. The Daily Mail have reported that the Saudi club are willing to pay as much as £118 million for the 31-year-old but, despite that, Liverpool’s stance remains clear. The player is not for sale under any conditions and especially this late in the window. Ryan Gravenberch Versatile midfielder Ryan Gravenberch has been once again linked with Liverpool late in the window, with the Anfield club reigniting their interest in the Dutchman after missing out on other midfield targets, including Moises Caicedo and Romeo Lavia. According to Sky Sports Germany’s Florian Plettenberg, the Dutch midfielder is keen to leave the German club having started just three games last season. Negotiations remain ongoing between the two clubs with the defending Bundesliga champions said to want around €30m for the 21-year-old who joined from Ajax last summer. Cheick Doucoure Should a deal for Gravenberch fail to materialise, Liverpool may turn their attention back to Crystal Palace’s Cheick Doucoure, with the central midfielder attracting long-standing interest from the club. According to The Indeependent’s Miguel Delaney, Klopp’s side remain interested in the 23-year-old, although they have so far been put off by Palace’s asking price - believed to be around £70m. Read More Jurgen Klopp wanted a midfield change at Liverpool – instead he got a revolution New signing Wataru Endo compared to ‘one of the biggest Liverpool legends’ by Jurgen Klopp Jurgen Klopp makes definitive statement on Mohamed Salah transfer saga Transfers latest LIVE: Premier League updates ahead of deadline day Rumours: Salah bid well over £100m; Chelsea winger set for exit Liverpool hold talks with Bayern Munich over deal for Ryan Gravenberch

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