Aug.3 (GMM) Forbes, the renowned American business publication, has savaged a so-called billionaire who claims to be involved in Formula 1.
As recently as late June, we reported that “Hong Kong billionaire Calvin Lo has been linked with the FIA’s tender process” for the potential eleventh and twelfth F1 teams for 2025 or 2026.
And just before Christmas, Lo claimed to be in talks with “a number of teams and drivers”.
Additionally, Forbes writers Robert Olsen, John Kang and Zinnia Lee report that Lo claims to be “an investor in the legendary Williams Formula 1 racing team”.
They say Lo claims to have invested $100 million in the team’s owner Dorilton Capital.
“Just between ourselves,” Lo is quoted as saying, “I mean, there’s massive amounts of NDAs, but I definitely have interest in it.
“But I can’t say too much.”
A source at Williams, however, said no one at the Grove based team “even know who Lo is”.
“And a person familiar with Dorilton tells us that he has never been an investor in the firm, or in Williams,” the Forbes writers report.
It’s among his many “flat-out lies”, they add.
When asked about Forbes’ accusations, a law firm replied on Lo’s behalf that “all insinuations that our client has been dishonest, untruthful or otherwise unethical are hereby categorically denied by him”.