Hitech, a UK-based motor racing team currently competing in the Formula 2 (F2), Formula 3 (F4), and Formula 4 (F5) lower-tier championships, is applying to join the top-tier Formula 1 (F1) circuit in 2026.
In a statement announcing new investment into its parent company (Hitech Global Holdings) from Kazakhstan businessman Vladimir Kim, Hitech said the application to join F1 represents a move “that would complete its single-seater ladder and demonstrate that Hitech has all the right people, experience, and resources to compete alongside the best teams in the world.”
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The next opportunity for new teams to join F1 will come in three years’ time.
Kim, who will take a 25% stake in Hitech Grand Prix, currently has interests in the Kazakh natural resources sector and is also president of the Kazakhmys copper manufacturing heavyweight. Last year, he was ranked by Forbes as Kazakhstan’s wealthiest individual for the fifth year in a row.
That deal, Hitech has said, has been in the works for 20 months.
Kim has said: "Motorsport has been a long-standing personal interest for me, and I’m 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.
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By GlobalData“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.”
Previously, companies owned by Kim have been active in terms of sports sponsorship in the world of boxing, including with Gennadiy Golovkin and Serik Sapiyev.
Oliver Oakes, chief executive at Hitech, added: "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.”
Hitech took full control of the team, previously owned by Bergton Management, in March 2022, soon after the Russian invasion of Ukraine. Up until that point, Russian businessman Dmitry Mazepin had a 75% stake in Bergton (based in Cyprus) and in the team.
F1 is likely to expect any aspiring member team with previous links to a Russian businessman to demonstrate these have been completely severed.
Other motorsport firms to have submitted applications for a 2026 F1 entry, meanwhile, include Andretti, through a partnership with Cadillac.
Elsewhere in F1, the Scuderia AlphaTauri team has entered into a partnership with online marketplace Catawiki.
Through a tie-up announced earlier today (June 28), five online auctions will be held this year, featuring items from AlphaTauri’s past and present seasons. These objects will include “a variety of car parts … to drivers’ racing kits, helmets, and pit crew overalls.”
The first online auction is now open for bidding, with future ones set for August, September, November, and December.
In addition to this, the Catawiki logo will be placed on AlphaTauri’s AT04 race cars for the Austrian and Dutch Grands Prix later this season.
The two parties have said that through the auctions, they “aim to bring the exclusive allure of Formula 1 within reach of its fans … The rapid growth and popularity of Formula 1 go hand in hand with a growing market for its collectibles.”
Image: Clive Mason/Getty Images
