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Hong Kong Billionaire Looking to Form New F1 Team


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#1 FullThrottleF1

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Posted 03 December 2022 - 08:55

https://www.motorspo...rm-new-f1-team/

Nice to see interest as always. Sad to see that it will probably come to nothing as we have seen with Andretti.

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#2 Muppetmad

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Posted 03 December 2022 - 08:57

Alternative headline: "Hong Kong billionaire looking to become millionaire"



#3 Clatter

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Posted 03 December 2022 - 09:02

Alternative headline: "Hong Kong billionaire looking to become millionaire"

 


It was a good line in the past, but doubt it applies to the budget cap era.

#4 Clatter

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Posted 03 December 2022 - 09:05

Reading the article it sounds more likely to buy an existing team, than form a new one.

#5 Ian G

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Posted 03 December 2022 - 09:42

Alternative headline: "Hong Kong billionaire looking to become millionaire"

 

Ha..yes,but ocean yacht racing would be quicker.



#6 Baddoer

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Posted 03 December 2022 - 10:05

Are these 2010 Toyota's still available? Where is Zoran by the way?



#7 Widefoot2

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Posted 03 December 2022 - 13:27

An attempt to offshore money from HK banks, and out of Chinese control?



#8 FullThrottleF1

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Posted 03 December 2022 - 14:32

Alternative headline: "Hong Kong billionaire looking to become millionaire"


Won't even be given that opportunity. Look how Andretti has been treated. I feel really sorry for those guys.

F1, FOM all need to go. Needs better management. Domenicalli is just rubbish

#9 FLB

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Posted 03 December 2022 - 14:36

Oooh, a latter-day Teddy Yip  :up:



#10 absinthedude

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Posted 03 December 2022 - 17:04

If they make it in, and Andretti don't....I hope someone is asking who's pockets at the FIA have been lined with small green pieces of paper. 



#11 ensign14

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Posted 03 December 2022 - 20:59

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#12 BRG

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Posted 04 December 2022 - 10:42

If they make it in, and Andretti don't....I hope someone is asking who's pockets at the FIA have been lined with small green pieces of paper. 

That's the 'value' that they keep harping on about.



#13 WonderWoman61

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Posted 04 December 2022 - 14:50

Theodore already tried.

#14 loki

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Posted 04 December 2022 - 16:48

Theodore?

52542138216_af1d2f4b68_o_d.jpg



#15 WonderWoman61

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Posted 04 December 2022 - 22:09

Theodore "Teddy" Yip and his Theodore Racing Team. They competed under a Hong Kong racing licence.

#16 jonpollak

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Posted 04 December 2022 - 23:46

WOW The Beve
Jp

#17 Secretariat

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Posted 05 December 2022 - 00:46

 

“I am not smart enough to run the team! Whatever involvement I would have, it would be financial"

 

Well, we know there is a competent race team trying to enter and is facing many odd road blocks. Perhaps Mr. Lo can subsidize the profits/percentage of the other teams.



#18 New Britain

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Posted 05 December 2022 - 11:07

Theodore?

52542138216_af1d2f4b68_o_d.jpg

IIRC, when she was remonstrating with him, his mother used to call him Theodore Eldridge Cleaver.



#19 ensign14

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Posted 05 December 2022 - 12:10

IIRC, when she was remonstrating with him, his mother used to call him Theodore Eldridge Cleaver.

 

Two Grand Prix cars there.



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#20 absinthedude

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Posted 05 December 2022 - 12:10

Theodore "Teddy" Yip and his Theodore Racing Team. They competed under a Hong Kong racing licence.

 

And I once heard first hand from someone involved that there may have been....umm....some financial corruption involved.....

 

So it's clear. Michael Andretti needs to hand over a few million dollars and Mario's Indy 500 trophy to someone at the FIA and they'll be in. 



#21 Nathan

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Posted 05 December 2022 - 23:16

....or...or...maybe do well enough on track so their star driver can race in F1 too...



#22 Beri

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Posted 06 December 2022 - 11:25

And I once heard first hand from someone involved that there may have been....umm....some financial corruption involved.....

 

So it's clear. Michael Andretti needs to hand over a few million dollars and Mario's Indy 500 trophy to someone at the FIA and they'll be in. 

 

I think the Indy 500 trophy will be used as a bookstand by the chef du cuisine in the FIA building.



#23 William Hunt

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Posted 07 December 2022 - 00:50

It was a good line in the past, but doubt it applies to the budget cap era.

 

There is no real budget cap, top teams still have the same budgets as before the so called 'budget cap' is a myst curtain to give a fake impression of a level playing field, top teams spend the +-150 million amount just on R&D and racing costs but their total budget is similar to what it was before whilst smaller teams actually spend that 150 million as their total budget.
A real true budget cap would be a cap on the total budget.
People should stop calling this a budget cap because it reaslly isn't one. It just caps R&D and race costs but leaves the majority of a top teams budget uncapped and out of the equation.


Edited by William Hunt, 07 December 2022 - 00:52.


#24 FirstnameLastname

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Posted 07 December 2022 - 07:09

There is no real budget cap, top teams still have the same budgets as before the so called 'budget cap' is a myst curtain to give a fake impression of a level playing field, top teams spend the +-150 million amount just on R&D and racing costs but their total budget is similar to what it was before whilst smaller teams actually spend that 150 million as their total budget.
A real true budget cap would be a cap on the total budget.
People should stop calling this a budget cap because it reaslly isn't one. It just caps R&D and race costs but leaves the majority of a top teams budget uncapped and out of the equation.


Indeed. Aston Martin and their brand new factory and wind tunnel laugh in the face of a budget cap.

#25 owenmahamilton

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Posted 11 December 2022 - 11:41

The BBC are now talking about this:

 

https://www.bbc.co.u...rmula1/63887428

 

The article says that he has a personal net worth of $1.7 billion according to Forbes which sounds quite low to me (relatively speaking).



#26 Clatter

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Posted 11 December 2022 - 11:47

There is no real budget cap, top teams still have the same budgets as before the so called 'budget cap' is a myst curtain to give a fake impression of a level playing field, top teams spend the +-150 million amount just on R&D and racing costs but their total budget is similar to what it was before whilst smaller teams actually spend that 150 million as their total budget.
A real true budget cap would be a cap on the total budget.
People should stop calling this a budget cap because it reaslly isn't one. It just caps R&D and race costs but leaves the majority of a top teams budget uncapped and out of the equation.


It's the R&D and race costs that have been crippling the smaller teams. You can't completely stop a business from spending their own money, but they have limited the major expense. The richer teams can still buy the better toys, but they can't use them anymore than the smaller teams.

#27 FullThrottleF1

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Posted 11 December 2022 - 16:43

Can't wait for Toto to tell them he doesn't want to share his sport with them



#28 danmills

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Posted 11 December 2022 - 21:13

Well Mclaren as an entire company are supposedly worth $0.26 billion so $1.7 is pretty mighty.

Though not a patch on Ferrari at some $40 odd billion.