Hitech submit bid to join Formula One grid in 2026 with Kazakh backing
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The F1 grid currently consists of 20 drivers across 10 teams.
PHOTO: AFP
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LONDON – British auto racing team Hitech Grand Prix have applied to join Formula One in 2026, the company confirmed on Monday.
“In 2023, after 20 months of planning and extensive preparation at its Silverstone base, Hitech made its application for entry into the FIA F1 world championship from the 2026 season,” Hitech said on their website.
It added that the move “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”.
Hitech are applying to enter F1 after receiving investment from Vladimir Kim, a billionaire businessman from Kazakhstan who bought a 25 per cent equity stake in Hitech.
“Motor sport 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,” said Kim, 62.
“This is our first global investment in motor sport. Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially.”
Hitech chief executive Oliver Oakes said: “During our discussions, we found many natural synergies, and I know 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.”
Hitech compete in the FIA Formula 2, Formula 3 and F4 British Championship series, among others. They employ more than 150 people at Silverstone. Previous drivers include Russian Nikita Mazepin, whose billionaire father Dmitry was a sponsor until the imposition of sanctions following the Russian invasion of Ukraine in February 2022.
The F1 grid consists of 20 drivers across 10 teams, and Hitech are not the only team looking to buy their way in. American outfit Andretti Global,
The teams currently divide up the “prize fund” among themselves, and the existing Concorde Agreement calls for a separate “dilution fee” of US$200 million (S$270 million) to be paid by any new entry.
Formula One’s governing body, the FIA, in February started a formal application process to identify one or more new teams interested in joining in 2025, 2026 or 2027, but no decision has been announced yet. REUTERS, AFP
