British racing team Hitech Grand Prix, which competes in junior series F2, F3, F4, and other racing competitions, has announced its plans to move up one more step to join the pinnacle of motorsport for the 2026 season.
"In 2023, after 20 months of planning and extensive preparation at its Silverstone base, Hitech made its application for entry into the FIA Formula One world championship from the 2026 season," the company said in a statement.
The team was founded in 2015 by former Red Bull junior motorsport driver Oliver Oakes. In less than a decade, they have amassed moderate success among their roster of racing teams.
Hitech Grand Prix has six teams competing in Formula 2, Formula 3, F4 British Championship, Formula 4 UAE Championship, Formula Middle East Regional Championship, and the GB3 Championship.
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Hitech Grand Prix Receives Boost From Billionaire
To prepare for the financial battle in Formula 1, the Silverstone-based outfit also announced that 25% of its holding company, Hitech Global Limited, has been purchased by billionaire businessman and racing enthusiast Vladimir Kim.
According to Forbes, the 62-year-old Kazakhstani of Korean descent has a net worth of $4.6 billion, and he owns a network of offshore companies.
"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," Kim said.
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