Hitech GP Has Submitted A Bid To Join F1 In 2026

Hitech Grand Prix, a British motor racing team known for its involvement in the feeder series to Formula One, has formally submitted an application to join the premier competition in 2026. The outfit, based in Silverstone, north of London, has been preparing its bid for over 20 months. It aims to join the grid alongside a prospective new entrant backed by Michael Andretti,, and General Motors, the American automotive giant.

Hitech has assembled a team of seasoned professionals and acquired the necessary wherewithal. Confident in its abilities, it seeks to compete with the best in the business. The team’s ambition has been given a boost by a recent capital injection from Vladimir Kim, a Kazakh businessman, who now owns 25% of the company, including its putative Formula One wing. Mr Kim, who has interests in banking, charter aviation and sports sponsorship, provides extra ballast to Hitech’s aspirations.

While Hitech’s source of engines remains unclear, Andretti’s tie-up with GM, through the Cadillac marque, hints at a possible collaboration. Renault, the parent of Alpine, another team, is also said to be in the running. Two other outfits, LKY SUNZ and Formula Equal, plan to join the grid in 2026, signalling an influx of fresh blood.

However, new entrants face stiff opposition from incumbents. The current ten teams benefit from the present division of spoils and any expansion would mean less money for each. Under Liberty Media, the sport’s owner since 2016, Formula One team valuations have rocketed. McLaren believes its team could be worth over $1bn, while Mercedes reckons its squad could fetch twice as much. Alpine, now fifth in the championship, was recently valued at $982m, though it lacks the storied history of other marques.

To soothe worries over a smaller pie, Formula One has set aside $200m to compensate existing teams. But many object to new challengers, citing damage to the distribution of prize money. The prospect of just rewards risks being diluted.

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