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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Lando Norris’s agent held a meeting with a Red Bull chief at Silverstone over the weekend, adding to speculation that the British driver could be set to join the championship winning team in the future. A meeting between Norris’s manager Mark Berryman and Red Bull’s motorsport advisor Helmut Marko, spotted by the Daily Telegraph at Silverstone over the weekend, has fuelled talk that the Brit may be being headhunted. The pair met a couple of hours before Sunday’s British Grand Prix. It seems unlikely that Red Bull would be pushing to split up their current driver setup, given how successful the partnership between Max Verstappen and Sergio Perez has been in the last two of years, but things change quickly in Formula 1. Norris finished fourth in Austria which surprised many people before his second place at Silverstone took the Briton to another level. He raised eyebrows when passing Verstappen at the start of the race and held on to keep the championship leader at bay for five laps. Add to that the calm composure he displayed to hold off Mercedes’ Lewis Hamilton in the closing stages, despite being on a set of cold hard tyres, and Norris is proving just how good a driver he was always believed to be. Marko himself insisted after Sunday’s race that there was no chance Perez would be released before his current contract expires at the end of 2024 saying: “In the last 10 laps he was the fastest driver in the field ... His position is not in danger at all.” Yet, Perez remains under scrutiny due to a down tick in his own form. He qualified 15th at Silverstone making it the fifth race in a row he failed to reach Q3, though time is on his side. Verstappen has a runaway lead and is nailed on for a third world championship which would also help Red Bull take the constructor’s title too leaving Perez ample opportunity to rediscover his form. Read More The moment Lando Norris came of age in British Grand Prix – and it wasn’t his super start Lando Norris ‘honoured’ to join Lewis Hamilton in battle for Formula One glory Max Verstappen storms to British Grand Prix victory with two Brits on the podium

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Daniel Ricciardo has been ruled out of this weekend’s Dutch Grand Prix after suffering a broken wrist in practice. The 34-year-old Australian, in only his third race back on the grid, crashed out of second practice in Zandvoort. He will be replaced in the AlphaTauri by Liam Lawson with the New Zealander to make his Formula One debut. Lando Norris denied Max Verstappen a practice double by setting the pace for Sunday’s grand prix – after Ricciardo crashed out and was taken to hospital. “After today’s incident during Free Practice 2 in Zandvoort, in which Daniel Ricciardo hit the barrier at Turn 3, he was brought to the local hospital and further examinations were carried out,” an AlphaTauri statement read. “An X-ray confirmed he sustained a break to a metacarpal on his left hand, and this injury will not allow him to continue his duties, so he will be replaced by the team’s reserve driver Liam Lawson for the remainder of this weekend. “The team wishes him all the best for the quickest possible recovery.” More than 300,000 spectators will descend on the coastal town of Zandvoort, 30 miles outside of Amsterdam, as Formula One emerges from its summer slumber. The majority of whom will do so in the expectation of watching Verstappen march to his ninth consecutive victory – equalling a record set by Sebastian Vettel for Red Bull in 2013 – as he closes in on a hat-trick of world championships. But McLaren’s Norris raised the suggestion he could spoil Verstappen’s homecoming party after he ended the day with the fastest time. While practice speed is treated with caution, the British driver edged out Verstappen, who was fastest in the first running, by just 0.023 seconds. The impressive Alex Albon finished third for Williams, one place ahead of Mercedes’ Lewis Hamilton. The seven-time world champion finished three tenths adrift in his Mercedes with team-mate George Russell only 14th in the order. “That was a great day for me,” said Hamilton. “I woke up this morning so excited to get back in the car and from the first lap it felt like we had a good starting point to work from. “The car is feeling more competitive here, so we want to hold on to that and see if we can extract more for tomorrow.” The second session was suspended after just 10 minutes when Norris’ team-mate Oscar Piastri and AlphaTauri’s Ricciardo crashed out at the same corner. Australian Piastri, who has enjoyed an impressive rookie campaign, lost control of his McLaren through the banked left-handed Turn 3 before slamming into the barriers. Moments later, Ricciardo, who appeared distracted by the sight of Piastri’s wounded McLaren, locked up under braking before following his compatriot into the tyre wall. “Ah f***, my hand, f***,” the 34-year-old said over the radio after the incident. Both men played no further part in the running as their damaged cars were towed back to their respective garages. Ricciardo was still holding the steering wheel as he hit the wall and he was taken to the medical centre. He was then pictured leaving with his left arm in a sling, and was subsequently taken to a nearby hospital for further checks on his wrist. The Australian will now sit out the remainder of the weekend. Red Bull motorsport adviser Dr Helmut Marko said after the crash: “We don’t know exactly what it is yet, but he was in a lot of pain. His wrist has suffered damage, but we have to wait for the diagnosis. “This is a new situation for us. We will first wait to see how Ricciardo is doing and whether he can drive or not, and then we discuss who gets in the car.” Ferrari have endured a lacklustre campaign and there was little for the Italian giants to cheer on Friday, with Charles Leclerc 11th and team-mate Carlos Sainz 16th. Ricciardo’s team-mate, Yuki Tsunoda, finished fifth with Pierre Gasly sixth and Sergio Perez, 125 points behind Verstappen in the drivers’ championship, seventh. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Haas announce Kevin Magnussen and Nico Hulkenberg staying for 2024 F1 Dutch Grand Prix LIVE: Daniel Ricciardo breaks metacarpal in left hand Daniel Ricciardo ruled out of Dutch Grand Prix