Over the last couple of years, a few teams have thrown in their names hoping to be a part of Formula 1 from the 2026 season onwards. Hitech GP is the most recent team to have applied to be a part of the 2026 season.
Formula 1 is a sport like none other. The sport currently offers seats to only 20 athletes. This is extremely low compared to other leagues like the NBA, NFL, MLB, and various soccer leagues which have 1000+ players. Now other teams are hoping to join the grid due to the sport’s rapid increase in value. This would increase the number of seats in the sport as well.
Silverstone-based @HitechGP has confirmed it has lodged an entry to join the #F1 grid in 2026, following a major new investment deal.
Will we see the team lining up on the grid in 2026? pic.twitter.com/kG0SzIcvyh
— Autosport (@autosport) June 26, 2023
Hitech GP has now made a bid to enter the Formula 1 grid in 2026. Hitech GP has been a part of the Formula 3 Championship since 2003. Since 2020, it has also been a part of the Formula 2 Championship. Former Formula 1 driver, Nikita Mazepin drove for Hitech GP before making his way to Formula 1 in 2021. Future Formula 1 prospect such as Liam Lawson, Ayumu Iwasa, and Juri Vips have also driven for the team in Formula 2 and Formula 3.
Why is Hitech GP making the bid to enter Formula 1 now?
Hitech recently sold a 25% stake to Kazakh billionaire businessman, Vladimir Kim. While Kim has invested in various businesses and boxing athletes, this is his first investment in motorsport.
Speaking about the deal, Kim said:
“Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organization that has enjoyed success in so many categories and has such ambitions for its future. We have an established involvement with sport; however, this is our first global investment in motorsport. Its dynamic appeal, growing exposure, business-to-business marketing opportunities, and burgeoning fan base are aligned with my ambitions personally and commercially.”
🚨 NEWS: Kazakh businessman Vladimir Kim
agrees to acquire shareholding in Hitech Global HoldingsHitech Grand Prix has agreed the sale of a 25% interest in the group to Kazakh businessman and motorsport enthusiast Vladimir Kim.
Read more on our website: https://t.co/Nj0KJTchq2 pic.twitter.com/CUYsLIsUWf
— Hitech Pulse-Eight (@HitechGP) June 26, 2023
Hitech CEO Oliver Oakes added: “I am delighted to welcome Vladimir Kim to the Hitech group. During our discussions, we found many natural synergies and I know that 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.”
With this new multi-million dollar deal, Hitech hopes it will help them on their way to Formula 1. The 2026 season provides teams with the opportunity to enter Formula 1. The power unit costs will be low and most existing teams will have to invest a lot to redesign the car due to the regulation changes set to happen for the 2026 season. This will allow other teams a chance to develop a good car. However, Hitech’s application may not be greeted with open arms by other teams.
Why do existing Formula 1 teams don’t want new teams to join?
The main reason Formula 1 teams don’t want other teams to join is because of the revenue share. The revenue Formula 1 gets from races is shared at the end of each season with the teams based on their finishing order on the grid. Entry of a new Formula 1 team will mean that the share for each team would go down.
Earlier this year, Andretti Motorsport and “Formula Equal” announced their interest to enter Formula 1. While a couple of teams were welcoming of this, the top teams like Mercedes, Red Bull, and Ferrari were not happy.
Toto Wolff on an 11th team:
“I think whoever joins as an 11th team needs to demonstrate how creative they can be for the business [of F1].
“Andretti is a great name. But this is sport and this is business and we need to understand what it is you can provide to the sport.”#F1
— Fastest Pitstop (@FastestPitStop) August 9, 2022
The FIA has already introduced budget caps to reduce the spending amount by top teams to allow other teams to have a chance to catch up. This rule seems to have worked as we now see Aston Martin challenging the top teams in 2023. However, this means that money management has become a critical issue for top teams.
Alpine and McLaren are a few amongst others to welcome new teams into the sport as they believe it will improve the value of the sport in the long run. Alpine may have an ulterior motive as they are looking for customers to buy their Formula 1 power units.
Andretti Motorsport tried to enter their team for the 2024 season but was denied but the FIA as they were not looking to add another team at the moment. Andretti Motorsport along with Hitech GP and “Formula Equal” will be hoping to enter the sport in 2026 now. Let us wait and see what happens.