A 24-year-old Kuwaiti entrepreneur, Saad Kassis-Mohamed, is leading an ambitious project to revive the defunct Caterham F1 team for a 2027 grid slot. His investment firm, SKM Capital, aims to bring the name – known for never scoring a championship point – back to Formula 1.
Why it matters: An ambitious F1 comeback
F1 entry is notoriously difficult, with high financial and technical barriers. SKM Racing's bid, despite its leader's lack of F1 track record, highlights the sport's persistent allure. Success would be a significant return for a familiar name; failure would underscore F1's unforgiving nature.
The Details: Operations and strategy
- Team Setup: Operating as SKM Racing, they've established a technical center in Silverstone and a racing department in Munich. Initial employee count targets 210-230, growing to 320.
- Funding: Kassis-Mohamed has allocated €280 million for the project.
- Engine Partners: Discussions are ongoing with two existing F1 engine suppliers. Ferrari or Honda are considered the most likely partners for 2027, given Mercedes and Red Bull Powertrains' expected capacities.
- Caterham Name: The entrepreneur believes leveraging the recognizable Caterham brand offers an easier marketing entry without inheriting past debts.
Roadblocks Ahead: Navigating F1 entry
SKM Racing plans to submit full registration documents by early 2026. However, approval rests with the FIA and Formula One Management (FOM). F1 stakeholders demand new entrants add "tangible value" – a hurdle even the General Motors-backed Cadillac-Andretti project struggled with. For SKM Racing, led by a young entrepreneur without prior F1 experience, significant challenges remain.
Outlook: A dream or a distant reality?
While Kassis-Mohamed's vision is ambitious, the project faces the immense financial and competitive pressures that led to Caterham's original collapse. Whether this bid materializes into a grid presence remains uncertain, making it a story to closely monitor.