Hitech has sold a 25 percent stake in its Global Holdings company to a Kazakh businessman as it bids to take the next step on its motor-racing journey by joining the F1 grid in 2026.

Currently competing in F2, F3 and F4, Hitech Grand Prix has a proven track record on the motorsport ladder to F1.

Under the stewardship of founder Oliver Oakes, it has now been officially confirmed the organisation is among those which has applied to the FIA’s Expressions of Interest process for new teams to join F1 when it was formally opened earlier this year.

Hitech claim that joining F1 would “complete its single-seater ladder and demonstrate” it “has all the right people, experience and resources to compete alongside the best teams in the world”.

To strengthen its financial position, Oakes has sold a quarter share of the company to Vladimir Kim, whose main holdings are in the mining, banking, and aviation sectors.

Declaring that motorsport has been “a long-standing personal interest”, Kim added: “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,” said Kim.

“We have an established involvement with sport, however, this is our first global investment in motorsport.

“Its dynamic appeal, growing exposure, business-to-business marketing opportunities, and burgeoning fan base are aligned with my ambitions personally and commercially.”

Welcoming Kim, Hitech Global Holdings CEO Oakes said: “During our discussions we found many natural synergies.

“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 state that Kim has “for some time been looking to convert his personal interest in motorsport to a strategic partnership with a leading racing team operating on the global stage”.

It is claimed Kim has a history of sponsoring Kazakh athletes, including renowned boxing champions Gennady Golovkin and Serik Sapiyev, as well as top-ranked tennis players on both the men’s and women’s tours.