American financier John Gano made a quick circuit through Taiwan with some Japanese bankers over the past two days. One could even say that his group raced through Taiwan. What they were seeking was investment for a new kind of venture -- the first ever pan-Asian Formula One racing team.
Outside Japan, Asian involvement in Formula One has been limited over the years. But with the success of the brand new Sepang circuit in Malaysia and plans for a new track in Korea, Gano believes that there is more room for Asian participation in Formula One. So he hooked up with a group of initial investors, started a team called ASIAtech, developed a Formula One engine in a factory bought from Peugeot and put it on an ultra-fast chassis from the Orange-Arrow team, with whom ASIAtech is cooperating this year.
PHOTO: COURTESY OF ASIATECH
On Gano's trip to Taiwan, which was sandwiched between fundraising in Korea and a quick flight over to London to "see the car," he met with several Taiwanese companies to discuss potential sponsorship.
Why Taiwan? "Because Taiwan is a high-tech country with a high-tech image," said Gano, further commenting that Malaysia has successfully used the Sepang circuit as a national publicity device.
While Gano refused to mention any potential Taiwanese partners by name, he noted that sponsors from Taiwan, "would have to be export-oriented, otherwise there would be no point in their sponsoring an international advertising program through Formula One." He further hinted that the island's vibrant electronics industry offers potential interest, and that local automotive industries were certainly not out of bounds.
Formula One racing teams are very expensive. Last year's budget for the world champion Ferrari team, driven by Michael Schumacher, was in the range of US$400 million. Schumacher himself was rumored to have earned US$50 million for the year, and as world champion, may double that figure in 2001. Meanwhile, the much more economical Mercedes McClaren team spent only about US$200 million on their car in 2000.
A large part of the cost comes from the cars' engines, which crank out 800 horse power at 18,000rpm, can accelerate a car to 100km/hr in only 72m, cost about US$1 million a piece, and tend to explode if they are driven for more than 400km at a time.
"We certainly don't expect full sponsorship from Taiwan," said Gano, clarifying that teams could have anywhere from one to 80 sponsors. "For about 70 or 80 million (US dollars), you can paint the car," he said. "Some companies just put a decal on the car for about one or two million (US dollars) a year."
Gano said the new ASIAtech team offers Asian companies a chance to publicize their high-tech savvy, citing the Japanese company Mazak, which makes machines used to make racing engines by virtually every team on the circuit, but is still virtually unknown. He further expounded on an opportunity for Asian investors to participate internationally in a non-passive capacity. "I've often seen Asian money go West, but when the investors left the money stayed," he said.
Getting down to basics, Gano described Formula One as a big money game that provides backers with what he called the three basic hormones: adrenaline, testosterone and seratonin.
The ASIAtech team's first appearance in competition will be at the season opener Australian Grand Prix on March 4. On March 18, the team will race in the Malaysian Grand Prix.
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