A Hong Kong Formula One team funded by a property magnate, its Indy car entries and a long run of Macau Grand Prix success.
Teddy Yip founded Theodore Racing in 1976 as a Hong Kong Formula One constructor. Across 51 Grands Prix it fielded 64 cars, and the name later became a leading force in Macau Grand Prix racing and in Lamborghini Super Trofeo Asia.
Theodore Racing started life as a Hong Kong-based F1 constructor, set up by property magnate Teddy Yip. The team entered 64 cars in 51 Grands Prix before its last race in 1992, and the name returned to the track in 2013 under Yip's son. Its record in the Macau Grand Prix and its later work in Lamborghini racing are the parts of the story that remain most visible today.
Who was Teddy Yip?
Teddy Yip was a Hong Kong businessman and amateur racer whose property wealth paid for the team. In the early 1970s he met Sid Taylor and took up backing for Vern Schuppan in Formula 5000, a step that led to a Formula One deal with Ensign in 1974.
Yip set up Theodore Racing in 1976, a team run by Sid Taylor. Later the company Theodore Racing Ltd. was formed by Yip, Taylor and Julian Randles. Yip's approach was to fund drivers and cars across several series, from Formula One and Formula 5000 to American open-wheel racing and Macau.
From a Formula One constructor in Hong Kong to Macau wins and Lamborghini titles, Theodore Racing kept returning to the track.
How did the Formula One years unfold?
Theodore's first notable result came through Schuppan, who won the Rothmans International Series in Australia in 1976 in a Lola T332-Chevrolet. Yip then ran an Ensign for Patrick Tambay that year. In 1977 Tambay scored four points and finished 17th overall, and Yip turned to Ron Tauranac to design a car of his own, the Theodore TR1.
The TR1 never fully came together. Eddie Cheever failed to qualify in Brazil and Argentina, and Keke Rosberg, who took over, claimed the International Trophy at Silverstone in heavy rain. He qualified for only one Grand Prix, in South Africa, and the car was dropped in mid-season. Yip also supported Dan Gurney's Eagle team in the United States.
In 1979 Yip funded Ensign again, with Derek Daly, Patrick Gaillard and Marc Surer at the wheel, but the cars failed to score. He also financed a British effort, a Wolf WR6 driven by David Kennedy. Desire Wilson, backed by Yip, won a national event that was a first for a woman, although it was not a championship round.
Yip bought the Shadow team at the start of 1980, but results were poor and the operation was on its last legs. By mid-summer he had retired it and concentrated on Formula One. He then recruited Tony Southgate as designer and Jo Ramirez as team manager.
Patrick Tambay had the TY01 at the start of 1981, and Marc Surer took over when Tambay moved to Ligier. Yip merged the operation with Ensign in 1982, running the Nigel Bennett-designed N183 under the Theodore badge. Johnny Cecotto and Roberto Guerrero were signed that year, and the team closed when the season ended.
What was Theodore's role in the Macau Grand Prix?
Theodore ran a team at Macau every year until the late 1980s and won the event many times, with Ayrton Senna among its winners in the first year of Formula 3. Yip backed the 1983 move from Formula Atlantic to Formula 3 rules, which proved a major success for the event.
The name returned in October 2013, when Teddy Yip Jr. revived it for that year's race. It honoured thirty years since Senna's win there, and Alex Lynn won. Yip Jr. called the result a fairytale return for the name in the Grand Prix's anniversary year.
The team then partnered Prema Powerteam, the Formula Three champions, for 2014. Nicholas Latifi finished fifth, while Esteban Ocon crashed out during a battle for the lead. For 2015 Felix Rosenqvist, Jake Dennis and Lance Stroll drove Mercedes-Benz powered Dallara Formula 3 cars.
The 2017 event and FIA F3 World Cup brought four Mercedes-Benz cars to the line-up: Callum Ilott, Mick Schumacher, Maximilian Gunther and Guanyu Zhou. Ilott took the Macau Qualifying Race, but a first-lap clash with Joel Eriksson took both cars out of contention on Sunday, and the race went to Dan Ticktum. Gunther finished fifth, Zhou eighth and Schumacher 16th.
How did Theodore race in American open-wheel cars?
Theodore's American story began in 1977, when it backed Simpson Sport in the USAC National Championship. The team ran McLaren M16C-Offenhausers for Simpson and Steve Krisiloff. At Indianapolis, Clay Regazzoni qualified the No. 39 car 29th and retired after 25 laps, finishing 30th.
Rick Mears then drove the car for the rest of the season and finished 20th in the points. In 1979 Theodore sponsored All American Racers in the CART World Series, with Mike Mosley in an Eagle. Mosley finished third at the Indianapolis 500 and set its fastest lap.
In 1981 the team entered its own McLaren M24 with Vern Schuppan, who qualified 18th and finished third at the Indianapolis 500. In 1983 Theodore supplied factory-backed March chassis to Bignotti-Carter Racing, and Tom Sneva won the Indianapolis 500 in a March 83C.
Theodore returned to IndyCar in 2016 with Rahal Letterman Lanigan, when Graham Rahal's car was entered under the Theodore name for the 100th running of the Indianapolis 500.
What did the Lamborghini Super Trofeo Asia bring?
In 2024 SJM Theodore Racing joined Iron Lynx for the Lamborghini Super Trofeo Asia, with Charles Leong Hon Chio and Miki Koyama as drivers. The pair took two podium finishes on their championship debut, and they were on the podium again in Australia and South Korea.
Round 4 at Fuji gave a fifth place in Race 1 and a second in Race 2. The team was backed by SJM Resorts, a Macau-based integrated resort operator and a long-time partner.
How did the 2025 season go?
In 2025 SJM Theodore Racing raced in all six rounds of the Lamborghini series, followed by the World Finals at Misano in November. Leong was joined by Alex Denning from Ireland, and the series ran across three continents.
The pair won eight of 12 races and was second four times. They took the driver and team prizes in the 2025 Asian Championship, and the season completed a campaign that began with two wins in Sydney the previous April.
Career summary
| Era | Series | Main cars or drivers | Result |
|---|---|---|---|
| 1974 to 1982 | Formula One | Ensign, TR1, Wolf WR6, TY01, N183 | 64 cars in 51 Grands Prix |
| 1977 to 1984 | Indy cars | McLaren, Eagle, March | Sneva won the 1983 Indianapolis 500 |
| 1983 onwards | Macau Grand Prix | Formula 3 cars | Multiple wins, including Senna |
| 2013 to 2017 | Macau Grand Prix | Dallara F3, Mercedes-Benz power | Lynn won 2013, Ticktum won 2017 race |
| 2024 to 2025 | Lamborghini Super Trofeo Asia | Lamborghini cars with Iron Lynx | Eight wins from 12 races in 2025 |
Who built and drove the TR1 and the TY01?
Ron Tauranac built the TR1 for Yip in 1977, and the car was difficult to get right from the start. The TY01 followed once Tony Southgate and Jo Ramirez had joined the team, and Patrick Tambay drove it first before Marc Surer took over mid-season.
Brian Henton guest-drove a Theodore at the 1983 Race of Champions and finished fourth, the best result the team achieved that year. Mo Nunn, a race engineer who had worked with the team, later moved to America and enjoyed great success in CART through the 1980s and 1990s.
How did the Shadow purchase end?
Yip's 1980 purchase of the Shadow team did not work out, and he later decided to focus his time on Formula One alone.
From there Yip established a new arrangement with Sid Taylor and Julian Randles, and the Theodore name carried on through the TY01 and the Ensign partnership.
Who raced Theodore cars at Macau and in Formula Three?
Ayrton Senna won for Theodore in the first year of Formula 3 at Macau. Later drivers included Alex Lynn, Felix Rosenqvist, Nicholas Latifi and Esteban Ocon, with Callum Ilott and Mick Schumacher in 2017. Ilott had headed the qualifying order in third and had just been signed as a Ferrari Junior.
From 2014 the team worked with Prema Powerteam, the Formula Three champions. Several of the drivers from those partnerships went on to race in the top category.
How is Theodore Racing seen today?
After the Formula One era the Theodore name was revived in 2013 under Teddy Yip Jr. for the Macau anniversary. The team has kept an Asian focus since, and its long-time partner SJM Resorts has backed the return to Lamborghini racing.
The team's record in Macau remains the best-known part of its history, and its Lamborghini results since 2024 have extended its reach across three continents.
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