HITECH HOPES TO JOIN F1 GRID IN 2026

British motorsport team Hitech has formally lodged its entry to race in Formula 1 after announcing a major new investment.

In a statement the Hitech team said, ‘In 2023, after 20 months of planning and extensive preparation at its Silverstone base, Hitech made its application for entry into the FIA Formula 1 World Championship from the 2026 season, a move that would complete its single-seater ladder and demonstrate that Hitech has all the right people, experience and resources to compete alongside the best teams in the world.’

The Silverstone-based team’s formal intention to enter Formula 1 follows the announcement that Kazakh businessman Vladimir Kim has taken a 25% stake in parent company Hitech Global Holdings Limited.

62-year-old Kim is the president of mining firm Kaz Minerals and has an estimated wealth of $5 billion (£3.93bn).

“Motorsport has been a long-standing personal interest for me, and I am delighted to be entering into a partnership with an organisation that has enjoyed success in so many categories and has such ambitions for its future

Vladimir Kim

“We have an established involvement with sport; however, this is our first global investment in motorsports. Its dynamic appeal, growing exposure, business-to-business marketing opportunities and burgeoning fan base are aligned with my ambitions personally and commercially.”

Previously the team was fully owned by former racing driver Oliver Oakes.

Regarding the announcement, Oakes said, “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.”

Founded in 2002 by Dennis Rushen and David Hayle, the team currently competes in the FIA Formula 2 Championship, FIA Formula 3 Championship, GB3 Championship and the Formula Regional Middle East Championship.