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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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Jimmy Buffett died aged 76 on Friday (1 September), in hospice care, after a years-long private struggle with skin cancer. In a statement shared on his website, it was announced that the singer, who was best known for his hit song “Margaritaville”, had been fighting Merkel cell skin cancer for four years. Cancer Research UK has recently warned that skin cancer cases are set to rise by half by 2040, with rocketing diagnoses driven by the “cheap package holiday” boom of the 1960s. Skin cancer is the most common form of cancer in Britain and kills around 2,100 people each year. It is also one of the most common cancers in the world. What is Merkel cell skin cancer? Merkel cell carcinoma (MCC) is a rare type of skin cancer. According to Cancer Research UK, it starts in the Merkel cells, which are usually in the top layer of the skin. These cells are near the nerve endings and they help us respond to touch. The charity states that MCC is a “very rare” form of skin cancer, with 1,500 people diagnosed with the condition in England between 1999 and 2008. What are the causes of Merkel cell carcinoma? With most types of skin cancer, long-term exposure to sunlight can increase a person’s risk of getting MCC. Other factors that could increase a person’s risk include being exposed to ultraviolet light, having a condition that can weaken your immune system or having a virus called Merkel cell polyomavirus (MCPyV). What are the symptoms? MCC usually appears as lumps on the skin. According to Cancer Research UK, the lumps are often a blue/red colour and less than 2cm across but sometimes they can be larger. The skin over them is usually firm and they are not painful. These lumps are often found on the areas of the body that get the most direct sun, such as the head, neck, arms or legs. Unlike most common types of skin cancer, MCC can develop rapidly over weeks or months and can spread to other parts of the body such as the lungs, lymph nodes, liver or bones. The NHS advises that if you are in doubt, contact your GP. How to prevent developing skin cancer Skin cancer is not always preventable, but you can reduce your chance of developing it by avoiding overexposure to UV light. You can protect yourself from sunburn by using high-factor sunscreen, covering up your skin while in the sun, and limiting the amount of time you spend in the sun during the hottest part of the day. Sunbeds and sunlamps should also be avoided. Read More Pregnant Kourtney Kardashian and Travis Barker seen leaving hospital after ‘urgent family matter’ Woman adopts husband’s ex-wife’s baby after growing up in foster care herself ‘People looked at me like I was oppressed in some way’: Young Christians on life in secular Britain How to check if you have skin cancer: Symptoms and signs to look out How many times a week you need to workout to get fit Post Malone shows off 55-pound weight loss in new photos after giving up soda