Billionaire Lo weighs adding to Formula One investments after Williams

LONDON/HONG KONG, Aug 2 (Reuters) – Hong Kong-based billionaire Calvin Lo is considering putting more money into Formula One following his connection with F1 team Williams, Lo told Reuters in an interview, adding other Asian investors were also interested in investing in the sport.

Lo, chief executive of insurance broker RE Lee International, confirmed he has “some sort of exposure” to Williams, following the U.S.-based private investment firm Dorilton Capital’s purchase of the team in 2020. He declined to give more detail, citing non-disclosure agreements.

Dorilton Capital makes investments for Lo, according to media reports.

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“A lot of people, me included, are still looking to other teams, other opportunities, because…there are consistently good teams but they are not able to come up with the right car,” Lo said.

“In Asia right now, there is a lot of liquidity sitting around, it’s mind-blowing. I wouldn’t be surprised if the next news you hear…is maybe some consortium in Asia investing into some other teams.”

Lo did not name the teams attracting investor interest.

Formula One currently has 10 teams, with any new entrant that is accepted having to pay a $200 million fee to be divided among the existing teams.

Existing teams include Ferrari-powered Haas, whose title sponsor was Belarus-born chemicals billionaire Dmitry Mazepin until he was sanctioned by the European Union in March, following Russia’s invasion of Ukraine. Haas declined to comment on investment discussions.

Williams has suffered financially as a Formula One car constructor, because unlike manufacturer-owned rivals, there is no road car business behind it, Lo said.

Williams posted a loss in 2019, the last year before its sale.

PANDEMIC INSURANCE BOOST

RE Lee operates in Hong Kong and internationally, arranging life insurance polices for ultra-high net worth individuals through major insurers such as Prudential (PRU.L) and Manulife (MFC.TO).

The broking firm has already arranged…

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