On Monday, Silverstone-based Hitech racing team went public with its ambitions while also revealing that billionaire Vladimir Kim has acquired 25% of the company.The FIA—along with Formula 1—is under no obligation to approve any of the prospective entrants.
in Formula 2 in 2020—but part-ownership was transferred from the Russian oligarch back to co-founder Oliver Oakes in February 2022. The Andretti organization, supported by GM through its Cadillac brand, has been vocal in its desire to join the grid while it is also understood that entities known as Panthera Team Asia and Formula Equal have conveyed interest.The application process has now closed and bids are being extensively assessed.
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