An old saying, which remains relevant, suggests that the quickest route to a limited financial state in motorsport is to begin with an unlimited one.
In addition to the numerous individuals who have seen significant amounts of capital vanish in pursuit of their ambitions in racing, there’s another category: those who are convinced they can attain great success while committing minimal personal funds.
This week, Autosport received an electronic message sharing the possible reappearance of the Caterham identity in the Formula 1 lineup.
“We are sharing that Saad Kassis-Mohamed Capital is planning on returning a former F1 participant to the starting grid under a new registration, known as SKM Racing, aiming for 2027, pending approval from the FIA and agreement with the holders of commercial rights,” the electronic message stated. Considering the intensity of the discussions surrounding Cadillac’s ambition to establish an F1 presence, prior instances indicate that fulfilling the latter pair of requirements will prove challenging.
Saad Kassis-Mohamed, described as the Kuwaiti “businessperson, backer, and benefactor” spearheading this undertaking, was previously considered as a likely acquirer of Reading, a football team in the English League One facing difficulties. This planned investment, however, did not proceed.
Numerous reasons suggest skepticism towards announcements of newly formed teams. A selection of these is provided below.
LKY SUNZ logo
Photo by: LKY SUNZ
LKY SUNZ (2021/2023)
Benjamin Durand’s recurring experience in the realm of F1 commenced in 2019 with the announcement of Panthera Team Asia’s establishment. Durand, who had recently been in charge of the SMP Racing LMP2 unit within the World Endurance Championship, conveyed his intention to aim for entry “following the Haas blueprint,” which involves acquiring as many parts as legally permissible from external teams and suppliers.
The concept highlighted that while F1 had been pursuing growth within the United States post Liberty Media’s procurement of commercial rights, it had not undertaken similar efforts to expand its audience in Asia. While the idea was not novel, Panthera co-director Michael Orts was also a director at Bronze Fortune Ltd, registered in the UK at the same location as Panthera, sparking considerable interest during the summer of 2017 upon its temporary renaming to China F1 Team Racing.
Despite discussions about hiring staff and setting up operations at Silverstone to secure entry by 2021, Panthera did not officially apply. Ross Brawn, serving as F1’s managing director then, stated that no new applicants would be considered before 2022, emphasizing the need to “learn from past occurrences, where many smaller teams emerged and faded away without making a substantial contribution to F1.”
Durand briefly resurfaced in 2020, affirming the ongoing work of personnel on initial designs and a provisional agreement for engine provision but stating that “we are awaiting further developments in F1 before providing additional details.”
The project remained dormant until 2023 when it was revived and rebranded as LKY SUNZ (pronounced ‘lucky suns’ in reference to the sun being revered in many Asian cultures) following the FIA’s decision to launch a tender process for a new team. The revised plan involved establishing an operating center in Asia, concentrating on “youth culture,” and prioritizing community interaction.
Despite assertions of a $1 billion budget, backing from the US-based Legends Sports Advocates Group, and a declared willingness to contribute $600 million to the anti-dilution fund (three times the existing rate), the proposition was turned down. The rejection was reportedly due to the proposal’s deficiency in precise technical and financial specifics, alongside the organization’s perceived lack of genuine competitive background.
The entity was formally dissolved in December 2023.
Zoran Stefanovic, with a 2009 Toyota TF109
Photo by: Sutton Images
Stefan GP (2010/2019)
Possibly, one factor influencing F1 managing director Ross Brawn’s choice to dismiss new participant applications towards the end of the prior decade was his interaction with Serbian entrepreneur Zoran Stefanovic during the 2017 Austrian GP weekend.
During that occasion, Stefanovic communicated his intent to form an F1 team situated in Italy.
“Before arriving in Austria, I finalized several significant agreements,” he shared with Autosport. “I determined that it would operate from Parma, positioned conveniently near the wind tunnel.
“I have additionally entered into an agreement with an aerodynamic expert to assist in the project’s development.”
The expert referred to was believed to be Enrique Scalabroni, an engineer known for his extensive experience and impact on projects such as the Williams FW11 and the Ferrari 640.
Numerous sequels reiterate elements from the initial literary work or cinematic creation, and Stefanovic’s proposition carried a sense of familiarity. He was among the unsuccessful candidates vying for a spot on the 2010 grid, during which Max Mosley revealed that three positions would be available to new entrants following the global economic downturn.
Despite this setback, Stefanovic obtained assets from Toyota’s discontinued F1 initiative and moved forward with intentions to operate a program from Toyota’s Cologne facility, with development overseen by Mike Coughlan, formerly a designer for Arrows and McLaren. Coughlan’s name may be familiar due to his involvement in having his wife duplicate confidential Ferrari technical documents at a Prontaprint location in Woking during the summer of 2007.
In February 2010, Stefanovic engaged in an almost surreal telephone interview with Autosport, stating that he was negotiating with Jacques Villeneuve to drive, that Kazuki Nakajima had already been signed, and that the Stefan 01 car had been “activated for the first time” within the Cologne race bays. However, he remained significantly less specific regarding important matters, such as whether he would secure an entry or even have access to tires.
“Currently, we have received communication from Bridgestone indicating that they are exclusively supplying tires to teams participating in Formula 1,” he mentioned. “However, we remain optimistic that they might provide GP2 tires.”
Unsurprisingly, this project did not materialize, and Stefanovic’s return to the paddock in 2017 was met with widespread skepticism.
US F1 (2010)
As the global financial crisis deeply affected the automotive sector during the latter part of 2008, leading to the potential departure of manufacturers from F1, FIA president Max Mosley initiated a series of tender procedures. These included a standardized, budget-friendly powertrain and the allocation of new grid positions. The outcomes of these tenders, announced during the Le Mans weekend in 2009, were met with considerable apprehension.
While Manor Racing and Campos Grand Prix possessed a competitive history in junior racing tiers, questions arose regarding how US F1—spearheaded by Ken Anderson, formerly a technical director at Haas, along with Peter Windsor, a journalist and former Williams team manager—had outpaced proposals from established entities such as Prodrive and Lola.
As was often the case with Mosley, political factors were significant. He and Bernie Ecclestone, the principal figure in F1, were engaged in a conflict with the eight teams that comprised the Formula One Teams Association, which had intentions to establish its separate racing series.
US F1 purportedly had the support of YouTube founder Chad Hurley and pledged to provide an unprecedented level of transparency in F1, offering videos that documented every stage of the team’s preparations. With its headquarters in Charlotte, North Carolina, the heart of American motorsport, the team had ample resources.
Within months, rumors began circulating about substantial delays in the project’s timeline—a notion reinforced by the absence of the promised video content. GP Racing magazine was invited to Charlotte during the late summer, and the visiting journalist reported a sense of bewilderment, noting a scarcity of visual elements to support the article and portraying Anderson as somewhat detached, frequently leaving for Starbucks.
Despite these speculations, the team revealed that Renault test driver Jose Maria Lopez, who brought an estimated $8 million in backing from Argentine sources, would be one of its drivers for the 2010 season.
In February 2010, just weeks before the season was to begin, Autosport released an interview with an anonymous insider from within the team. The disclosures were remarkable, indicating a fundamental failure in the development process, to the extent that the car was far from completion and sponsorships were lacking.
Bob Varsha hosts the USF1 Press Conference with Ken Anderson and Peter Windsor
Photo by: Nigel Kinrade / NKP / Motorsport Images
The insider mentioned that Anderson mandated that every design aspect pass his scrutiny, leading to major delays.
“There has been little formalized planning or documentation,” the person stated. “No production timelines, just a noticeable absence of forward planning.”
After learning of these issues, Ecclestone dispatched a trusted racing driver, now a recognized broadcaster, to inspect the facility. The driver reported observing only a “shell,” along with speculative ideas and a surplus of Starbucks bills.
Ecclestone promptly informed Jean Todt, the new FIA president, who then assigned Charlie Whiting, the former head mechanic at Brabham, to assess the facilities. Whiting inevitably concluded that US F1 was progressing nowhere.
The project suffered from inadequate preparation, overshadowed by excessive indulgence.
Two weeks ahead of the season’s start in Bahrain, the team, having been absent from pre-season testing, declared its submission to the FIA to postpone its entry until 2011. It then disappeared completely, with Lopez’s $8 million already spent, leaving nothing on YouTube except amateurish skits ridiculing the debacle.
