Hitech confirms 2026 F1 entry bid after buy-in from Kazakhstani billionaire · RaceFans

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Hitech Grand Prix has confirmed it’s looking for a spot on the Formula 1 grid after gaining backing from one of many richest folks in Kazakhstan.

The Silverstone-based workforce, which was based in 2015 by Oliver Oakes, already competes in Formulation 2, Formulation 3 and Formulation 4. Its mum or dad firm Hitech World Holdings introduced right this moment it has offered a 25% stake to Kazakhstani businessman Vladimir Kim.

The 62-year-old is the president of mining agency Kaz Minerals, which he acquired two years in the past with one other businessman. His wealth was estimated at $5 billion (£3.93bn) final 12 months.

Kim’s different enterprise pursuits embody Financial institution RBK JSC and enterprise aviation agency Comlux Group. He stated motorsport has additionally “been a long-standing private curiosity for me, and I’m delighted to be coming into right into a partnership with an organisation that has loved success in so many classes and has such ambitions for its future.”

Oakes stated the 2 firms “discovered many pure synergies and I do know that his assist can be invaluable as we search to construct on Hitech’s success and work in the direction of attaining its broader ambitions through the years to return.”

Hitech has additionally been looking for a substitute for the backing which beforehand got here from fertiliser producer Uralkali, earlier than the imposition of sanctions on Russian companies in response to the nation’s invasion of Ukraine. Questions over the connections between Hitech and Uralkali – which is run by Dmitry Mazepin, father of ex-Hitech and F1 racer Nikita Mazepin – have been raised in Britain’s House of Commons last November.

The workforce was rumoured to be amongst these which had submitted an software to hitch the Formulation 1 grid when the FIA invited submissions in February this 12 months. Hitech publicly confirmed for the primary time right this moment it’s among the many candidates.

Hitech runs Red Bull-backed duo Isack Hadjar and Jak Crawford in Formulation 2. Its trio of drivers in Formulation 3 are all related to totally different F1 groups: Purple Bull’s Sebastian Montoya, Alpine’s Gabriele Mini and Williams’ Luke Browning.