Hitech GP are a popular racing team brand who are looking to enter Formula One by 2026, check out all about the team and their bid below along with the owner and driver
The Formula one has received few requests to join from several Formula One teams over the last few years and Hitech GP is the most recent team to do so.
Who are Hitech GP racing team looking for F1 entry in 2026, owner, drivers list, logo
🚨I Hitech GP has announced it has made an official application to enter the Formula 1 in 2026! 🔥
Hitech has also sold 25% of its group to a Kazakh buisnessman, Vladimir Kim.
According to Forbes, Kim has a net worth of approximately $4.6 billlion! 😳 #f1 #formula1 pic.twitter.com/Agyqi9e1Am
— FORMULA ROOM (@formularoom) June 27, 2023
Not the weekend we were after at Silverstone! But some more points in the bag and a lap record in the books 💨👊
Big thanks as ever to the team at @HitechGP, @elliotkarting and @mbpartners 🙌
Time to reset and go again at Croft in six weeks time 💪#BritishF4 #HitechGP pic.twitter.com/Ks7vYkXcMS
— Kanato Le (@KanatoLeRacing) June 26, 2023
Unlike other competitive sports leagues, the Formula 1 offers seats to only 20 athletes. Other leagues like the NBA, NFL, MLB, and various soccer leagues have over 1000 players.
Hitech GP
Hitech Pulse-Eight is a British motor racing team founded in 2002 by Dennis Rushen and David Hayle. The team initially started out racing in the British Formula 3 Championship in 2003 and joined the Formula 2 Championship by 2020. They have now recently made a bid to enter the Formula 1 grid in 2026.
Some of their most famous drivers include former Formula 1 driver, Nikita Mazepin and future Formula 1 prospects like Liam Lawson, Ayumu Iwasa, and Juri Vips who all drove for the team in Formula 2 and Formula 3. Following their growing success, the team are now hoping to join the F1 grid. The full list of the teams drivers can be found here.
Vladimir Kim, owner of 25% of the team has a net worth of $4.6 billion.
Reason behind Hitech GP making the bid to enter Formula 1
Just recently, Kazakh billionaire businessman, Vladimir Kim bought a 25% stake to Hitech GP. The investment, is Kim’s first ever in motorsport and said this about the deal:
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.”
Meanwhile, Hitech CEO Oliver Oakes also stated:
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.”
Following the new multi-million dollar deal, Hitech are hoping to join Formula 1. In their hopes of joining the league, the 2026 season looks to be the best season to join Formula 1. This is because the power unit costs will be low and other existing teams will also have to invest a lot in order to redesign the car due to the regulation changes set to take place during the 2026 season.
As such, other teams also have the chance to develop a good car that can compete with existing teams. These various reasons led to Hitech making a bid to join Formula One during the 2026 season. However, several other existing teams do not see Hitech’s application as a positive development.
Reason behind existing Formula 1 teams not wanting new teams to join
The main reason behind existing Formula 1 teams not wanting other teams to join is because of the revenue share. Currently, all the teams in Formula 1 share revenues after each season ends based on their final grid standings. As such, a new Formula 1 team would mean that the revenue share for each team will decrease.
Earlier this year, other teams like Andretti Motorsport and “Formula Equal” announced their interest to enter Formula 1. While some of the teams welcomed this, the top teams like Mercedes, Red Bull, and Ferrari were against it.
Another reason are the budget caps that the FIA introduced to reduce the spending amount of top teams. This rule currently seems to be working as teams like Aston Martin are challenging the top teams in 2023. However, this also means that top teams are facing money management issues, as such they do not want new teams to further add to this issue.
On the other hand, teams like Alpine and McLaren are the few teams that had welcomed new teams into the sport, as these teams believe that it will only improve the value of the sport in the long run. Alpine also have an ulterior motive as they are currently looking for customers to buy their Formula 1 power units. As things stand Andretti Motorsport, “Formula Equal” and now Hitech GP are all hoping to enter Formula One by 2026.