Hitech GP has confirmed its F1 bid for 2026 after Kazakhstan-based businessman Vladimir Kim acquires shareholding.
As reports suggested earlier, British team Hitech GP has confirmed its F1 bid for 2026 after agreeing for a stake sale to Kazakhstan-based businessman Kim. The owner of Kazakhmys has acquired a 25% interest in Hitech Global Holdings Limited.
Hitech GP already fields a team in F4, F3 and F2 championships and now wishes to expand onto F1 which team owner Oliver Oakes has always wanted to. They have been planning this for the past 20 months and made their application to the FIA.
Hitech GP joins the likes of Andretti Cadillac, SKY LUNZ and Formula Equal to bid join F1 in 2026. Kim’s Kazakhmys has been supportive of various Kazakh athletes but it is likely their first foray into motor racing as its wishes to expand its foothold.
Looking at Kim’s business venture, his company is majorly in mining, banking and aviation sectors, with his Kazakhmys and KAZ Minerals Group’s work in extraction and processing of copper ore which makes it as one of the top ten copper producers in the world.
“I am delighted to welcome Vladimir Kim to the Hitech group,” said Hitech GP boss Oakes. “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.”
Meanwhile, Kim added: “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.”
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