In an effort to purchase a grid spot, a hopeful F1 team secures $1 BILLION in funding.

In an effort to purchase a grid spot, a hopeful F1 team secures $1 BILLION in funding.

After new motorsport team LKYSUNZ disclosed they had received some sizable funding, the race to get into Formula 1 has taken on a new twist.

The team, which plans to concentrate on developing talent from “underrepresented communities,” has obtained a $1 billion (£818 million) investment from an American company.

With money to cover the Concorde agreement entry fee three times over and still have money left over, the Legends Advocates Sports Group, a Florida-based company, has backed the F1 entry bid.

LKYSUNZ are targeting the 2026 season and estimate that obtaining a spot on the grid could cost as much as 800 million euros in fees to the FIA and the current teams.

capable of spending a fortune.

LKYSUNZ chief executive Benjamin Durand told Sport Business, “We are delighted to confirm that LKYSUNZ is prepared to meet the teams’ request and pay a $600m anti-dilution payment despite this current cycle of the financial regulations stating $200m.

“We are excited about our partners’ financial support and look forward to continuing our productive discussions with the FIA.

“Our goal has always been to maintain the sport’s competitiveness while fostering true diversity in the paddock, which is essential for the sustained success of Formula 1 as a whole.

“We know from a commercial standpoint that the opportunity to bring the sport to Asia and Africa is unquestionably the right choice, is financially feasible, and most importantly, is what existing and potential motorsport fans around the world are demanding.

“Our partners’ significant financial commitment is an endorsement, and we are confident that our entry will help the sport’s popularity soar to new heights.


Leave a Reply

Your email address will not be published. Required fields are marked *