British racing team Hitech GP have made a formal bid to enter F1 – here’s everything you need to know about who owns it
Formula One has received a fresh bid from British racing team Hitech GP, who aim to be a part of the F1 grid from 2026. Hitech are hopeful of getting the much-coveted slot after their new blockbuster deal with Kazakh businessman Vladimir Kim. The FIA is currently evaluating bids from a number of parties including Hitech, Cadillac and Rodin Carlin Racing.
The Hitech GP racing team is owned and operated by Hitech Global Holdings but they have recently sold 25% of their stake to billionaire businessman Kim in order to fuel their F1 entry. Hitech Grand Prix currently competes in the Formula Two, Three and Four junior series and are based in Silverstone, United Kingdom. In its official statement, the team has confirmed their formal bid and stated that they have “all the right people, experience and resources to compete alongside the best teams in the world.”
F1 is set to expand in the upcoming seasons
F1 has made their ambitions clear about expanding the sport and adding more teams to the grid. Earlier this year, FIA President Mohammed Ben Sulayem suggested that there could be more F1 teams in the near future. Ben Sulayem asked the governing body to check for potential teams who could join F1 in the near future. F1 has been a 10-team championship since 2016 and Ben Sulayem indicated that he intends to expand the grid in the upcoming years. The green signal from the President himself means that the concerned authorities have implemented the process of checking out applications from interested parties.
After F1 made it clear that they were looking for new teams, Cadillac were the first team to express their interest to join F1 in partnership with Michael Andretti. Andretti wasted no time to announce his team’s partnership with General Motors through Cadillac, as the American Andretti Autosport team looks for an entry into Formula 1.
Hitech GP is the latest team to express their interest. However, the inclusion of a team is a time-consuming and complicated process. A new entrant would have to be approved by the FIA and also reach an agreement with F1 itself regarding commercial rights which is pretty tricky. It remains to be seen how soon this plan gets materialised.
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