Explained: The F2 team looking to join F1 in 2026 with new billionaire investor

After a series of comments from president Mohammed Ben Sulayem earlier this year, the FIA opened their expressions of interest for potential teams to submit applications as part of the process to join F1.

Hitech GP - who compete in F2 and F3, F1’s two feeder categories - have confirmed their official bid.

The news comes after Hitech Global Holdings Limited had sold a 25 percent stake to Kazakh billionaire Vladimir Kim. 

Kim is Kazakhstan’s richest person, with a reported fortune of $5 billion.

He was 584th in Forbes’ global rich list.

Of Korean descent, Kim’s main background is in copper mining, with KAZ Minerals PLC appearing on the London Stock Exchange - he holds 33 percent.

Speaking of the news, Kim said: “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. 

“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.” 

Hitech have been part of F3/F2 since 2019.

Russian driver Nikita Mazepin drove for the team during the 2020 F2 season ahead of his first year in F1 with Haas.

Mazepin’s father, Dmitry, was heavily involved in the team before he - through Bergton Management Ltd - relinquished his shares to Oliver Oakes last year.