LKYSUNZ, the mysterious Asian project headed by Benjamin Durand claims to have secured $1bn in funding as it seeks to enter the sport in 2026.
It is not the first time that Durand has sought to enter the sport, having tried back in 2019 with the Panthera Team Asia project was announced in 2019.
In a press release issued as the Japanese Grand Prix weekend got underway, LKYSUNZ, which takes its name from ‘Lucky', which it describes as a "nod to the Asian heritage of the team”, and ‘SUNZ', which represent the sun, announced that it has secured a record $1bn of funding for its entry bid.
The backing, courtesy of Legends Advocates Sports Group, a US-based sports fund, would be a record for any new team entering the sport.
According to the release, the funding will be used for car development and cutting-edge facilities, enabling the Asian-based outfit to be competitive from its first season racing.
It has also pledged to carry out grassroots and youth programs to grow the sport among younger and more diverse demographics. The LKYSUNZ academy and STEM based educational structures have already received the backing from governments, automobile clubs and institutions in Malaysia, Indonesia, Thailand, Nigeria and Kenya.
"We have heard the comments of the teams and we wholeheartedly recognise the effort, commitment and investment that they've poured into the sport alongside the Formula One Group and FIA to bring it to its current level," said Durand. "With the news of our additional funding we are delighted to confirm that LKYSUNZ are prepared to meet the teams' request and pay a $600m anti-dilution payment despite this current cycle of the financial regulations stating $200m.
"We look forward to continuing our positive discussions with the FIA and are thrilled by our partners' financial backing," he added.
The Southeast Asian team is focused on expanding the sport to new geographies and attracting a new audience by merging youth culture with motorsports. LKYSUNZ will become wholly operational outside of Europe. It is the only applicant in the process that has chosen to set up its base in Asia and will extend its operations to Africa, in addition to having driving academies across emerging markets. The racing team is committed to providing underrepresented communities opportunities in racing, engineering, operations and the business side of motorsports.
"Our ambition has always been to ensure that the sport remains competitive whilst bringing true diversity into the paddock, which is vital for the long-term growth for all in Formula 1," said Durand. "We know commercially the opportunity to expand the sport into Asia and Africa is 100% the right decision, it's viable and most importantly it's what prospective and current motorsport fans around the world are demanding.
"The significant financial commitment from our partners is an endorsement, and we are confident that our entry can propel the interest in the sport to reach new heights," he concluded.
The team submitted its formal application to the FIA in May.
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