New British F1 team bid confirmed for 2026 season after major investment

British racing team Hitech Grand Prix have confirmed their bid to join the F1 grid for the 2026 season after announcing a major new investment deal. Hitech GP, who currently race in F2, F3 and F4, were reported to be one of a number of prospective new entries into Formula 1, alongside the likes of Andretti-Cadillac and Panthera Team Asia. Now, after announcing new investment with its parent company Hitech Global Holdings Limited selling a 25 per cent stake to Kazakh businessman Vladimir Kim, Hitech confirmed they have lodged a bid to the FIA to secure a spot in three years’ time. Hitech, based at Silverstone, stated in a press release that its F1 project was a “move that would complete its single-seater ladder and demonstrate that Hitech has all the right people, experience and resources to compete alongside the best teams in the world.” Kim, whose companies have previously sponsored Kazakh athletes such as champion boxer Gennadiy Golovkin, holds his main interests in the mining, banking and aviation sectors – with Hitech his first involvement in motorsport. “Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organisation that has enjoyed success in so many categories and has such ambitions for its future,” he said. “We have an established involvement with sport; however, this is our first global investment in motorsport. “Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially.” Hitech CEO Oliver Oakes added: “I am delighted to welcome Vladimir Kim to the Hitech group. “During our discussions we found many natural synergies and I know that his support will be invaluable as we seek to build on Hitech’s success and work towards achieving its broader ambitions over the years to come.” Audi are already confirmed to be joining the grid in 2026, taking over from the Sauber works team currently branded as Alfa Romeo, and announced their first test driver last week. Read More Audi name first driver to join F1 team ahead of 2026 season entry Inspired by Schumacher, meet the Hong Kong billionaire targeting a new Formula 1 team Why have Wrexham owners Ryan Reynolds and Rob McElhenney invested in an F1 team? Ryan Reynolds and Rob McElhenney to invest in F1 team ‘There will be crashes’: George Russell sends stark warning to F1 bosses