Hitech confirm F1 entry bid backed by billionaire

British racing group Hitech have utilized to enter a group in System One from 2026 with funding from Kazakh billionaire businessman Vladimir Kim.

Hitech World Holdings, which owns and operates Hitech Grand Prix, stated in a press release on Monday it had agreed the sale of a 25% curiosity to Kim.

Hitech Grand Prix presently competes within the System Two, Three and 4 junior collection and employs greater than 150 folks at Silverstone.

Earlier Hitech drivers embody Russian Nikita Mazepinwhose billionaire father Dmitry was a sponsor till the imposition of sanctions following the Russian invasion of Ukraine.

“In 2023, after 20 months of planning and intensive preparation at its Silverstone base, Hitech made its utility for entry into the FIA System One world championship from the 2026 season,” the corporate stated on its web site.

It stated the transfer “would full its single-seater ladder and reveal that Hitech has all the best folks, expertise and sources to compete alongside one of the best groups on the planet.”

System One’s governing physique, the FIA, in February began a proper utility course of to determine a number of new groups inquisitive about becoming a member of in 2025, 2026 or 2027 however no resolution has been introduced.

U.S.-based Andretti World and Normal Motors are additionally in search of to compete utilizing the Cadillac model.