Hitech Grand Prix has confirmed it is seeking a place on the Formula 1 grid after gaining backing from one of the richest people in Kazakhstan.
The 62-year-old is the president of mining firm Kaz Minerals, which he acquired two years ago with another businessman. His wealth was estimated at $5 billion (£3.93bn) last year.
Kim’s other business interests include Bank RBK JSC and business aviation firm Comlux Group. He said motorsport has also “been a long-standing personal interest for me, 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.”
Oakes said the two companies “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 has also been seeking a replacement for the backing which previously came from fertiliser producer Uralkali, before the imposition of sanctions on Russian businesses in response to the country’s invasion of Ukraine. Questions over the connections between Hitech and Uralkali – which is run by Dmitry Mazepin, father of ex-Hitech and F1 racer Nikita Mazepin – were raised in Britain’s House of Commons last November.
The team was rumoured to be among those which had submitted an application to join the Formula 1 grid when the FIA invited submissions in February this year. Hitech publicly confirmed for the first time today it is among the applicants.
Hitech runs Red Bull-backed duo Isack Hadjar and Jak Crawford in Formula 2. Its trio of drivers in Formula 3 are all associated with different F1 teams: Red Bull’s Sebastian Montoya, Alpine’s Gabriele Mini and Williams’ Luke Browning.
Don't miss anything new from RaceFans
Follow RaceFans on social media:
Advert | Become a RaceFans supporter and
2026 F1 season
- Silverstone announces new, 10-year Formula 1 grand prix deal
- Suzuka secures its place on F1 calendar until 2029 with new deal
- FOM turn down Andretti’s bid to enter Formula 1 in next two seasons
- Norris signs “multi-year” extension with McLaren beyond 2025
- Madrid’s one-quarter-street track has two tunnels and a wide, banked turn