Having sold a 25% stake to Kazakh businessman, Vladimir Kim, Silverstone-based Hitech has confirmed its application for entry into the F1 world championship from 2026.

Hitech Global Holdings Limited, which owns and operates the British single-seater racing team Hitech Grand Prix, which was founded in 2015 by Oliver Oakes and in less than a decade has established itself as a highly competitive, professional, and well-respected racing operation.

Comprised of six race teams which compete at every level of the single-seater pyramid - Formula 2, Formula 3 and Formula 4, as well as being the central operator for the F4 category in the FIA Motorsport Games, it employs over 150 people across its 56,000 sq ft facilities at Silverstone.

Hitech Grand Prix's in-house Technologies arm works with OEMs and motorsport teams to provide specialist R&D capability, as well as supporting Hitech's own eponymous race teams with a level of technical capability rarely seen in junior racing formulae.

In 2023, after 20 months of planning and extensive preparation at its Silverstone base, Hitech made its application for entry into the Formula One World Championship from 2026, a move that would complete its single-seater ladder and demonstrate that it has all the right people, experience and resources to compete alongside the best teams in the world.

Kim's main holdings are in the mining, banking and aviation sectors. In particular, the Kazakhmys and KAZ Minerals Group's foremost activities are the extraction and processing of copper ore and the refining of other precious metals in the Republic of Kazakhstan, ranking as one of the top 10 copper producers in the world, with exports globally.

As part of an expanded portfolio of business interests including Bank RBK JSC, one of the first private banks in Kazakhstan, and Comlux Group, one of the world leaders in Business Aviation, Transaction and Completion services, Kim has for some time been looking to convert his personal interest in motorsport to a strategic partnership with a leading racing team operating on the global stage.

This investment in sport follows a history of sponsoring notable Kazakh athletes, including renowned Olympic and world professional boxing champions like Gennadiy Golovkin and Serik Sapiyev, as well as top-ranked tennis players in both ATP and WTA rankings. Moreover, the Group actively contributes to the advancement of children's and youth sports by constructing and maintaining tennis and hockey facilities throughout Kazakhstan.

"I am delighted to welcome Vladimir Kim to the Hitech group," said Hitech Global Holdings CEO, Oliver 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."

"Motorsport has been a long-standing personal interest for me," added Kim, "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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READERS COMMENTS

1. Posted by Editor, 27/06/2023 11:55

"@ Burton

Burton, mate... if you have doubts over Hitech wait until you hear more about LKY SUNZ.

Currently Max Noble is working on it... and it's a dilly."

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2. Posted by Burton, 27/06/2023 11:50

"GM and Andretti-who? Vladimir Kim is the real deal, right?! Jeebus chrise on a popsicle.

"

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3. Posted by Celtic Tiger, 26/06/2023 22:31

"At the very least they don't sound like they're "trolling" like that god awful, woke dumpster fire, LKY SUNZ. The next step is to convince the teams to let them play too. Which, ridiculously enough, appears to be the biggest hurdle; more so then securing funding, handing in the application and getting a complete infrastructure off the ground.
"

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4. Posted by BrightonCorgi, 26/06/2023 16:36

"Hitech is a much bigger globally recognized name in F1 and motorsports than Andretti. Everyone knows this. :-("

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5. Posted by Superbird70, 26/06/2023 13:26

"The Andretti's must be shaking their heads."

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Hitech reveals F1 bid

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